Yesterday, US President Joe Biden cryptocurrency Bitcoin, which rose 10% after the orders, experienced a 7% pullback today.
Pulled back to $38,850 levels bitcoin resulted in the liquidation of $125 million positions in the last 12 hours.
Technically speaking, Bitcoin continues to trade below its 20-day ($39705) and 50-day ($39888) averages. Whether the day’s closing is above these levels will be followed.
Eyes on Inflation
February inflation data will be released in the USA today. The market, which priced Biden’s emphasis on innovation yesterday, is pricing the inflation data today.
As you know FED It will hold its FOMC meeting on March 15-16 and announce its interest rate decision on March 16.
While the Fed’s rate hike is considered certain, how much of an interest rate hike will continue to be discussed.
Speaking in the Senate in the past days, Powell said that although he gave the signal of a 25 basis point increase, this rate may increase if the upward movement in inflation figures continues.
Now the eyes turned to the latest inflation data before the meeting, where the FED will announce its interest rate decision. Today, at 16.30 CET, the annual and monthly CPI rates of the USA will be announced.
The expectation is that the US CPI will increase by 0.7% monthly, with annual inflation as 7.8% (CNBC). (Investing expectation 7.9%)
Announcing inflation above these levels could accelerate sales in risky assets.
While waiting for the inflation data, the futures of the US stock markets, which rallied by 3% yesterday, continue to be traded at a half point old.
Today, at 15:45 CEST, the interest rate decision of the European Central Bank will be followed. The expectation is for interest rates to remain constant.
Latest Situation in Russia-Ukraine Tension
At this time, the Ministers of Foreign Affairs of Russia and Ukraine are holding a meeting in Antalya, hosted by Turkey. Whether a consensus will emerge from here will be followed.
Yesterday, Brent Petroleum was pulled back to $110 after the President of Ukraine announced that we can make concessions to stop the conflict. Oil is currently trading at $115.