Rising CPI and its Impact on the Crypto Market
A rising Consumer Price Index (CPI) could potentially lead to further interest rate hikes by the Federal Reserve, which in turn could affect the Bitcoin and crypto market. Here are the key points to consider:
- The Producer Price Index (PPI) is often seen as a leading indicator for the CPI.
- Forecasts suggest a rebound in July’s PPI to 0.7% (YoY).
- A rising PPI could indicate potential re-acceleration of CPI data.
- Higher costs passed on to consumers could result in a subsequent rise in the CPI.
- A higher-than-expected PPI could influence investor sentiment and strategies in the crypto market.
Bitcoin ETF Decision for ARK Invest
The approval of a Bitcoin spot ETF could be a significant catalyst for the market. Here’s what you need to know:
- Cathie Wood’s Ark Invest is the first to receive a decision from the SEC.
- The SEC has the option to approve, reject, or extend the review period for Ark Invest’s application.
- Experts believe the SEC may push back Ark’s application, but surprises cannot be ruled out.
- Late Friday evening could bring important news regarding the decision.
- If the SEC postpones the Ark filing, other companies like Bitwise and BlackRock will be next in line for consideration.
Hot Take
A rising CPI and the potential approval of a Bitcoin spot ETF could significantly impact the crypto market. Investors should closely monitor these developments as they can shape market sentiment and investment strategies.
At press time, the Bitcoin price stood at $29,079.
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