The release of the US Consumer Price Index (CPI) comes today, and the cryptocurrency community is humming with anticipation and apprehension in equal measure.
The crucial statistic is 8.3% from previous month. For traders and investors, any decline in that figure will serve as a buy signal because it shows the Federal Reserve is keeping inflation from rising.
If it comes in higher than 8.3%, a significant sell-off is anticipated.
At 8.30am EST (12.30pm UTC / 1.30pm UK), the information will be made available.
Investors Wait for CPI Data.
Michal van de Poppe, a well-known cryptocurrency trader and the CEO and founder of the trading firm Eight, succinctly summarised the market on Thursday morning in a Tweet.
“Markets selling off as anxieties spike over today’s CPI,” he added. possibly the year’s most touted data point.
In the past 12 hours, a number of traders and analysts have posted similar opinions on Twitter. Ash WSB, for example, forecasts an impending “boom” if the CPI is below 8% and a “dump” if it is above 8.2%.
Many traders predict that Bitcoin, which is now trading below $19k, will soar beyond $20k in the event of good news and fall below $18k in the event of bad news.
August CPI was 8.3%, according to IncomeSharks, a significant dealer. The CPI for September is predicted to be 8.1%.
Even if it wouldn’t amount to much, markets and headlines may all scream, “Inflation is decreasing, the FED is doing such a great job!”
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