The Bureau of Labor Statistics releases the much-anticipated October Consumer Price Index (CPI) report at 13:30 GMT today. This report holds significant implications for the Federal Reserve's monetary policy outlook and the value of the U.S. Dollar.
Impact on Fed Policy and the US Dollar
The CPI data release could determine market sentiments and expectations regarding the Federal Reserve’s next moves. The inflation print increase to 2.6% may reduce market expectations for a December rate cut.
Bitcoin's Position
At the time of press, Bitcoin's price is changing hands with a 24-hour percentage change. Its trading volume welcomed a percentage change, bringing the figures to. Consequently, its market capitalization currently stands at
Crypto Market Expectations
The market's reaction to today’s inflation figures will be critical. A softer print could trigger volatility and bullish momentum in Bitcoin and other major cryptocurrencies, driven by expectations of an easing Fed cycle and a weakened USD.
Bitcoin's 30-day implied volatility has increased to 90%, indicating big price swings could occur following today's data release. Traders and investors should brace for more market activity, as CPI numbers have the potential to impact the economic and cryptocurrency environment in the coming months.
