Leading cryptocurrency Bitcoin (BTC) surged again last night, surpassing $124,000 to reach a new record. This surge was driven by growing institutional interest and optimism surrounding a Fed rate cut, with a 95.8% chance of a Fed rate cut in September.
While some experts argue that it is still unclear whether the FED will cut interest rates, data on the US Producer Price Index (PPI), one of the data the FED follows in its decisions, has been released.
The data disclosed is as follows:
Core Producer Price Index (Monthly): Announced 0.9% – Expected 0.2% – Previous 0.0%
Core Producer Price Index (Annual): Announced 3.7% – Expected 2.9% – Previous 2.6%
Producer Price Index (Monthly): Announced 0.9% – Expected 0.2% – Previous 0.0%
Producer Price Index (Annual): Announced 3.3% – Expected 2.5% – Previous 2.3%
Bitcoin’s first reaction after the incoming PPI data was as follows:
*This is not investment advice.