Yesterday, Bitcoin demonstrated significant volatility, briefly falling to $55,000 and later recovering above $58,000. This occurred following the release of US Producer Price Index (PPI) data.
What Happened to Bitcoin Price?
Bitcoin price temporarily dropped to $55,000 after the release of US Consumer Price Index (CPI) data. However, it later recovered and exceeded the $58,000 level.
US Producer Price Index Data
Today, the US has also released its Producer Price Index (PPI) data. Key figures include: - Core Producer Price Index (Monthly): Announced 0.3%, Expected 0.2%, Previous 0.0%. - Core Producer Price Index (YoY): Announced 2.4%, Expected 2.5%, Previous 2.4%. - Producer Price Index (Monthly): Announced 0.2%, Expected 0.1%, Previous 0.1%. - Producer Price Index (Annual): Announced 1.7%, Expected 1.8%, Previous 2.2%. In addition, US Unemployment Claims were also announced. - US Jobless Claims: Announced 230k, Expected 227k, Previous 227k.
Effect on Bitcoin and Dollar
Following the release of PPI data and unemployment claims, Bitcoin experienced volatility but recovered its position above $58,000. The US Dollar Index (DXY) also reacted accordingly.
US PPI and unemployment claims data significantly impacted Bitcoin, causing an initial drop and subsequent recovery above $58,000.
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