After the inflation data announced today, we watched dizzying movements in the market. After the inflation data, it was withdrawn to $ 29,000. bitcoinrallied as high as $32,000 as US stocks opened and turned positive.
bitcoinThis mobility in altcoinWhile causing serious slaughter in recent years, we observe that altcoins cannot cover their losses as fast as Bitcoin.
While Bitcoin was trading above $31,000, US President Joe Biden made a statement regarding inflation.
The president, who threw the ball to the FED, underlined that high inflation is unacceptable.
“Inflation is unacceptably high. I believe the FED will do its part on inflation.”
Powell had hinted that a 75 basis point increase after the previous meeting was not on the table. While wondering if the latest inflation data, which came above expectations, will change this approach of the FED, analysts think that 50 basis points increases will continue.
Economists emphasize that the FED’s job is very difficult because in the current picture, inflation is not only about demand, but also about supply. With the supply crisis making itself felt so much, there are fears that aggressive rate hikes could trigger larger recessions. The Fed struggles to maintain this fine line between economic activity and monetary policy.