- On Wednesday, December 11, investors will get the US Consumer Price Index data.
- As opposed to last month’s figure of 2.6%, the market is projecting inflation of 2.7%.
The crypto market is about to embark on a pivotal week, as all eyes are on the US CPI inflation statistics. This week also brings the US Producer Price Index (PPI) statistics, another important inflation gauge that the US Federal Reserve uses to determine whether or not to decrease interest rates. Considering Bitcoin and the altcoins are well poised for another surge, which may set new records in the near future, investors are anxiously awaiting this statistic.
There has been a significant upswing in the cryptocurrency market as of late, and many are betting that this trend will continue. Now that last week’s job statistics showed a solid labor market, traders are anxiously awaiting the US CPI inflation estimates. To put that in perspective, market estimates were for 220,000 new jobs in November, while the actual number was 227,000. Not to mention that November saw a jump in the US jobless rate from 4.1% to 4.2%.
High Volatility Anticipated
The economic data have an impact on the whole financial market, not to mention the crypto sector. However, important statistics such as inflation greatly influence market sentiment. On Wednesday, December 11, investors will get the US Consumer Price Index data, which they are now keenly awaiting. As opposed to last month’s figure of 2.6%, the market is projecting inflation of 2.7%.
Concurrently, the Core CPI, which does not include energy and food costs, is predicted to fall to 3.2% from 3.3% recorded in October. The risk appetite of traders tends to diminish when inflation figures come in hotter than expected. Conversely, on Thursday, December 12, the United States will release its PPI data, which is another important indicator of inflationary pressure.
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