Bitcoin’s price barely moved Wednesday as traders awaited important inflation data due to be released Thursday.
The biggest cryptocurrency by market cap was trading for $19,142 at the time of writing—a minimal 24-hour increase of 0.7%.
Tomorrow, the U.S. Bureau of Labor Statistics will release the consumer price index (CPI), a report that measures price changes in a basket of common consumer goods and services. The index is used to estimate changes in the economy’s inflation rate.
Depending on the outlook, the CPI report could signal that the Federal Reserve will continue to aggressively hike up interest rates in an attempt to cool the economy and curb rising inflation.
JPMorgan said today that such a move could mean the stock market could continue to suffer—as it typically has done when the central bank has increased the cost of borrowing.
And when U.S. equities take a hit, so, typically, does Bitcoin (and the rest of the crypto market).
But despite the Dow Jones Industrial Average...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...