Cryptocurrency markets have been dealing with their own internal issues for some time. While the liquidity crisis in FTX is bleeding the entire market, eyes are on the global markets.
Today, at 16.30 CEST, inflation data in the USA will be announced.
The data and expectations to be announced are as follows:
Core Consumer Price Index (MoM) / Expectation 0.5%
Core Consumer Price Index (Annual) / Expectation 6.5%
Consumer Price Index (Monthly) / Expectation 0.6%
Consumer Price Index (Annual) / Expectation 8%
Inflation data is one of the most important data for the Fed’s interest rate hikes and final interest rate targets. The direction of monetary policy in the USA is directly linked to inflation data. Therefore, future data should be followed closely.
Inflation data that will come above expectations already indicates that risk appetite is low. bitcoin and altcoin may cause us to see new lows in the markets.
While eyes are on inflation, we watch US futures move sideways with small premiums.
Gold Brent Oil is trading above $90 while maintaining its gains during the week, trading above $1700.
The technical outlook in the dollar index shows that the market’s reaction to a negative inflation data may be high. Because DXY is currently standing on an important trend support.
Regardless of the FTX crisis, this trend needs to be broken down in order for us to see a real rise in Bitcoin and altcoins.
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