The cryptocurrency market is waiting for producer inflation information from the USA on November 15. Ahead of the Core Producer Price Index (PPI), Bitcoin, DOGE, SHIB, and ETH are busy maintaining their critical reinforcements.
Bitcoin (BTC) recovers ahead of US PPI data
The cryptocurrency market was devastated by the bankruptcy of one of the largest exchanges in November. After a very productive October, things turn on the contrary at the new moon. Investors will now monitor the effects of producer inflation information from the USA. According to experts, if the CPI data of the week are supported by the PPI data of November 15, the markets may see short-term jumps. Large-volume cryptocurrencies such as Bitcoin, DOGE, SHIB and ETH are moving sideways before the announcements.
The US Core Producer Price Index (PPI) will be released on November 15 at 16:30.
A below-expected PPI is expected to cause selling pressure. In a neutral situation, we can see more horizontal price movements. Markets moved on the higher side as last week’s consumer inflation information came in below expectations. Some analysts expect the PPI to increase by 7.2% on an annual basis compared to the previous month. They assume that the core PPI will increase by 0.3% compared to September. On an annual basis, PPI may increase by 8.3%, at a slower pace compared to September, and increase by 0.4% on a monthly basis.
Cryptocurrency market moves sideways ahead of PPI information
Currently, the entire cryptocurrency market, including Bitcoin and Ethereum, is fluctuating below 1%. Only Ripple (XRP) is performing differently, up 7% from the last 24 hours. Meanwhile, the total value of the market was around $803 billion.
Koindeks.com As you follow, the events in the middle of Binance and FTX since November 2 have negatively affected the entire market. BTC price hit $15,682.69, the lowest level in the last 6 months, following the FTX crisis. It is currently trading around $16,800. His moves from the $17,000 region after the US PPIs will be critical.