- The US CPI data for October expected to report a 2.6% inflation spike, up from 2.4% in September.
- The anticipation of higher inflation causes a 1.15% dip in the global crypto market, dropping to $2.91 trillion.
The U.S. Consumer Price Index (CPI) data for October is set to be released today at 8:30 a.m. Eastern Time. This highly anticipated report is expected to show a slight uptick in inflation, with an annual increase of 2.6%, up from 2.4% in September.
According to the report, the core CPI, which excludes food and energy, predicted to remain steady at 3.3%. Every month, analysts expect CPI to rise by 0.2% and core CPI to climb by 0.3%.
However, this expected inflation rise triggered a slight dip in the global crypto market, with Bitcoin and other digital assets facing a brief drop. Bitcoin, which hit an all-time high of $89,956 on Tuesday, has paused its rally, falling 0.17% to $87,706.
Further, the global crypto market cap dropped 1.15% to $2.91 trillion, reflecting investor caution ahead of the CPI release.
Moreover, big banks like Wells Fargo, JPMorgan, and Citi are forecasting a 2.5% to 2.6% CPI increase, and any number above expectations could further dampen hopes for a rate cut in December. As investors await the data, the crypto market remains on edge, reacting to shifts in traditional financial indicators.
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