Description:The Most Crucial Information Regarding the Cryptocurrency Market
The Consumer Price Index for June in the United States will be revealed today, revealing the intentions of banking regulators ahead of a crucial rate meeting.
Both digital assets and stock markets may suffer more if inflation data presents a “surprise.”
Recent CPI data considerably outpaced market forecasts, which sparked the current sell-off on the cryptocurrency market and sent Bitcoin’s price down to levels far below $20,000, casting doubt on the long-term viability of the digital assets market.
Because of the Federal Reserve’s recent policy tightening, volatile assets like cryptocurrencies and IT stocks are taking a major blow as traders and investors shift their capital to safer investments like commodities and Treasuries.
Year-over-year inflation is still anticipated to be 8.8 percent in July.
Analysts predicted an 8.3 percent increase in June, but 8.6 percent was actually recorded. This resulted in market instability and a dollar rise.
Earlier, White House press secretary Karine Jean-Pierre said investors should prepare for “very higher” inflation estimates due to market uncertainties and anxieties around cryptocurrencies. This generated a little controversy.