Last minute! US PPI Rates Announced, Here’s Bitcoin’s (BTC) Initial Reaction!

Expected producer price indices in the USA were announced.

Producer Price Index (MoM): 0.2% – Expected 0.4%

Producer Price Index (YoY): 8% – Expected 8.3%

Core Producer Price Index (PPI) (MoM): 0% – Expected 0.3%

Core Producer Price Index (PPI) (YoY): 6.7% – Expected 7.2%

Here is the first reaction of Bitcoin and DXY

Although the producer price index is below expectations, we see that the desired effect is not achieved in Bitcoin and altcoins.

As the Nasdaq climbs above 12,000 points, we watch Bitcoin struggle to stay above $17,000.

The negative atmosphere created by the bankruptcy of FTX continues to suppress the risk appetite on the side of cryptocurrencies for now.

However, in terms of the upcoming days, the fact that many inflation indicators in the USA are below expectations is a positive data.

These positive data may cause the FED to decrease the tightening rate. This could re-increase access to risky assets.

Now, we will follow the reaction of the US stock markets, which will open at 17.30, to this data.