Breaking: Bitcoin Holds The $61K Mark Despite Gloomy US PPI Data
Bitcoin traded above the $61,000 mark, after the latest release of the highly anticipated U.S. Producer Price Index (PPI) data. Notably, the crypto market was eagerly waiting for the crucial inflation data, amid soaring concerns over the U.S. Federal Reserve’s policy rate plans. Meanwhile, the latest data showed that the U.S. PPI for April soared 0.5%, more than what the market was expecting.
U.S. PPI Soars 2.2%
The crypto market was eagerly waiting for the latest Producer Price Index (PPI) data, a key gauge for inflation, for cues on the current economic health and inflation level. Notably, the current data from the U.S. Bureau Of Labor Statistics showed that the U.S. PPI inflation soared 0.5% in April, more than the 0.2% surge noted in the prior month.
Meanwhile, on a year-over-year basis, the U.S. PPI jumped 2.2% last month, following a surge of 2.1% in March. It marks the largest increase since April 2023. Simultaneously, the U.S. Core PPI, excluding the food and energy prices rose 0.4%, as compared to the prior month’s surge and market expectation of 0.2%. On a YoY basis, the Core PPI rose 3.1% in April, after rising 2.8% in the prior month.
The hotter-than-anticipated inflation data has further fuelled concerns in the market, as it stays higher than the Fed’s 2% target range. Besides, it also sparked discussions over a further hawkish stance by the Federal Reserve. Notably, all eyes now shift to the U.S. Consumer Price Index (CPI) data, which is scheduled for Wednesday, May 14.
The post Breaking: Bitcoin Holds The $61K Mark Despite Gloomy US PPI Data appeared first on CoinGape.
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A Bitcoin whale opened a $45M 40x long that liquidates at $105K
Breaking: Bitcoin Holds The $61K Mark Despite Gloomy US PPI Data
Bitcoin traded above the $61,000 mark, after the latest release of the highly anticipated U.S. Producer Price Index (PPI) data. Notably, the crypto market was eagerly waiting for the crucial inflation data, amid soaring concerns over the U.S. Federal Reserve’s policy rate plans. Meanwhile, the latest data showed that the U.S. PPI for April soared 0.5%, more than what the market was expecting.
U.S. PPI Soars 2.2%
The crypto market was eagerly waiting for the latest Producer Price Index (PPI) data, a key gauge for inflation, for cues on the current economic health and inflation level. Notably, the current data from the U.S. Bureau Of Labor Statistics showed that the U.S. PPI inflation soared 0.5% in April, more than the 0.2% surge noted in the prior month.
Meanwhile, on a year-over-year basis, the U.S. PPI jumped 2.2% last month, following a surge of 2.1% in March. It marks the largest increase since April 2023. Simultaneously, the U.S. Core PPI, excluding the food and energy prices rose 0.4%, as compared to the prior month’s surge and market expectation of 0.2%. On a YoY basis, the Core PPI rose 3.1% in April, after rising 2.8% in the prior month.
The hotter-than-anticipated inflation data has further fuelled concerns in the market, as it stays higher than the Fed’s 2% target range. Besides, it also sparked discussions over a further hawkish stance by the Federal Reserve. Notably, all eyes now shift to the U.S. Consumer Price Index (CPI) data, which is scheduled for Wednesday, May 14.
The post Breaking: Bitcoin Holds The $61K Mark Despite Gloomy US PPI Data appeared first on CoinGape.
Read More