This Week’s Economic Events
This week, there are several key economic events in the United States. On December 12, the consumer price index (CPI) figures for November will be released, which measure changes in retail prices and serve as a measure of inflation. The core CPI year over year is expected to remain unchanged at 4%, while the annual inflation rate is forecasted to remain at 3.2% for November.
On Wednesday, the Producer Price Index (PPI) report for November will be released. This data reflects input prices for producers and manufacturers and is considered a pre-indicator of inflationary pressures. Additionally, the Federal Reserve will have its policy meeting on Wednesday, where it will provide insight into its interest rate outlook through the release of the quarterly economic projections summary, also known as the “Dot Plot.”
Bitcoin Tanks 3.2%
Crypto markets are already experiencing a decline during the Asian trading session on Monday. Total capitalization has dropped by $80 billion, with Bitcoin leading the losses by falling 3.2% to $42,377. This correction was predicted by analysts who believed that the crypto market had become overly frothy.
Ethereum has fared even worse, sliding 4.4% to reach $2,246. Other altcoins are also facing losses between 2% and 6%.
Hot Take: Crypto Markets Retreat Ahead of Key Economic Events
The crypto markets are showing signs of retreat as key economic events approach this week. With the Federal Reserve’s policy meeting and core CPI data on the horizon, investors are cautious about potential outcomes that could impact the market.
Bitcoin’s decline of 3.2% and Ethereum’s drop of 4.4% are early indicators of the market correction that analysts had predicted. As the week progresses and more economic data is released, it remains to be seen how low the markets will go and what impact these events will have on the overall crypto landscape.
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