ໄດ້ ດັດຊະນີລາຄາຜູ້ບໍລິໂພກ released yesterday showed an ອັດຕາເງິນເຟີ້ 8.3% YoY, instead of the expected 8.1%. As a result, the crypto market crashed hard. Bitcoin price dropped over 10% in the last 24 hours. Meanwhile, Ethereum dropped another 8%. However, the Producer Price Index data about to be revealed can start a major crypto rally.
The producer Price Index is the change in price that producers receive for providing their goods and services. The US Bureau Of Labour Statistics also reveals this data.
ໃນຂະນະດຽວກັນ, ການເຕືອນໄພເງິນເຟີ້ຂອງ Elon Musk looks more likely as the Fed is all set for a mega hike.
Why PPI Is Extremely Important For Crypto Rally
Yesterday’s CPI data strengthened the ທ່າທີທີ່ໂຫດຮ້າຍຂອງ Fed. The Federal Reserve is all set for a jumbo hike in the next FOMC meeting on the 21st of September. Experts believe that markets are pricing in a 48% chance of a 100 bps interest rate hike. Despite the mega hike, the Fed will not pivot from its stance for at least another ກອງປະຊຸມ FOMC.
However, many believe the CPI to be a lagging indicator of inflation. The prices of products and services have undoubtedly gone down. Therefore many believe that today’s PPI data, a more accurate representation of the inflation level, can temper the Fed’s stance.
Michael van de Poppe, a major crypto influencer and CEO of Eight Global, believes that the PPI can rally the crypto market.
@wolf-of-streets, a major crypto influencer, reveals that the PPI may even be more important than the CPI data released yesterday. The expected MoM change is -0.1%. If the expected PPI indeed holds, the crypto markets will rally as it is a sign of cooling inflation. He also reveals that deflation is in the pipeline.
Since the COVID price surge, the price of most commodities has gone down. Meanwhile, production has become cheaper. Therefore, the price of risky assets can surge anytime now.
When Will PPI Be Revealed
The US Bureau of Labor Statistics reveals the PPI data. It will be released today at 6:00 PM IST or 8:30 AM EST.
ເນື້ອໃນທີ່ ນຳ ສະ ເໜີ ອາດຈະປະກອບມີຄວາມຄິດເຫັນສ່ວນຕົວຂອງຜູ້ຂຽນແລະຂຶ້ນກັບສະພາບຂອງຕະຫຼາດ. ເຮັດການຄົ້ນຄວ້າຕະຫລາດຂອງທ່ານກ່ອນທີ່ຈະລົງທືນໃນ cryptocurrencies. ຜູ້ຂຽນຫລືສິ່ງພິມບໍ່ມີຄວາມຮັບຜິດຊອບຕໍ່ການສູນເສຍທາງດ້ານການເງິນສ່ວນຕົວຂອງທ່ານ.
Source: https://coingape.com/a-strong-crypto-rally-is-set-to-recoup-yesterdays-loss-heres-why/