TL;DR
Bitcoin may experience an upcoming price correction due to ongoing inflation in the United States.
The cryptocurrency market has surged by more than $100 billion in volume in the past 24 hours.
Cryptocurrency miners have previously plunged the price of BTC to $19k.
There are indications that inflation in the United States will persist, leading to a potential correction in Bitcoin prices before the next Federal Open Market Committee (FOMC) meeting. Although some data suggest that the Consumer Price Index ( CPI ) may decline, inflation is expected to continue longer than expected.
Today's release of the Producer Price Index ( PPI ) report is expected to confirm this trend, leading to a shift in market sentiment toward a potential interest rate hike of 25 or 50 basis points.
The cryptocurrency market has surged more than $100 billion in the past 24 hours, likely due to turmoil in the U.S. banking sector following the collapse of three major banks. Bitcoin ( BTC ) hit a nine-month high of $26,500 on Tuesday, rebounding from the previous week's drop below $19,000.
CryptoQuant, a leading data analytics firm, attributed the previous week's sharp drop to a reduction in reserves by miners, which has put a strain on Bitcoin .
Ethereum (ETH), BTC's main competitor, also suffered significant losses and fell to around $1,370. However, ETH has since recovered from the slump and is currently trading at $1,638.
Bitcoin may experience an upcoming price correction due to ongoing inflation in the United States.
The cryptocurrency market has surged by more than $100 billion in volume in the past 24 hours.
Cryptocurrency miners have previously plunged the price of BTC to $19k.
There are indications that inflation in the United States will persist, leading to a potential correction in Bitcoin prices before the next Federal Open Market Committee (FOMC) meeting. Although some data suggest that the Consumer Price Index ( CPI ) may decline, inflation is expected to continue longer than expected.
Today's release of the Producer Price Index ( PPI ) report is expected to confirm this trend, leading to a shift in market sentiment toward a potential interest rate hike of 25 or 50 basis points.
The cryptocurrency market has surged more than $100 billion in the past 24 hours, likely due to turmoil in the U.S. banking sector following the collapse of three major banks. Bitcoin ( BTC ) hit a nine-month high of $26,500 on Tuesday, rebounding from the previous week's drop below $19,000.
CryptoQuant, a leading data analytics firm, attributed the previous week's sharp drop to a reduction in reserves by miners, which has put a strain on Bitcoin .
Ethereum (ETH), BTC's main competitor, also suffered significant losses and fell to around $1,370. However, ETH has since recovered from the slump and is currently trading at $1,638.
cryptohubble