U.S. CPI Data May 'Affect' Bitcoin This Week
Bitcoin (BTC), and the larger crypto market, have begun a slight pullback as investors brace themselves for the CPI (Consumer Price Index) data due on Wednesday, July 12. After a respite last month, markets universally anticipate another increase in interest rates. According to CME Group’s FedWatch Tool, there is a 92% chance of a half-basis point rate hike. The figure is down 95% last week. Source: CME Group According to the Twitter user “Tedtalksmacro,” core CPI would be the figure to watch for the Fed. As per the analyst, the headline, or total inflation, is expected to fall to 3.20% YoY (year-on-year). This figure, if achieved, would make it the lowest reading since March 2021. “The Cleveland Fed, University of Michigan + Truflation all anticipating a similar number,” the analyst noted. Also Read: China Inflation Eases to 0%: U.S. Dollar Rises, Yuan Dips Furthermore, the analyst also mentioned that core CPI is expected to fall to 5...