Bitcoin remains above $61,000 post-release of US PPI data, surpassing market expectations amid concerns over Federal Reserve policy rates.
Following the publication of the most recent U.S. Producer Price Index (PPI) data, Bitcoin surmounted the $61,000 threshold in trading. Significantly, the cryptocurrency market was anxiously awaiting the critical inflation data, given the escalating concerns surrounding the policy rate plans of the U.S. Federal Reserve.
In the interim, the most recent data revealed that the U.S. PPI increased 0.5% in April, surpassing market expectations.
As a critical indicator of inflation, the cryptocurrency market eagerly anticipated the most recent Producer Price Index (PPI) data to indicate the present state of the economy and inflation.
Notably, the most recent data from the U.S. Bureau of Labor Statistics revealed that the price-to-price index (PPI) in the United States increased by 0.5% in April, surpassing the 0.2% increase observed in March.
In contrast, the U.S. PPI increased 2.2% annually last month, following a 2.1% increase in March. The increase is the most substantial since April 2023.
Concurrently, the U.S. Core PPI, which excludes food and energy costs, increased by 0.4%, surpassing the 0.2% increase observed the previous month and market anticipation. The Core PPI increased 3.1% year-over-year in April, following a 2.8% increase in the last month.
Inflation remains above the objective range of 2% set by the Federal Reserve, which has exacerbated market concerns and surpassed initial expectations. Additionally, it initiated debates regarding the Federal Reserve adopting an even more ambitious position.
The forthcoming U.S. Consumer Price Index (CPI) data, scheduled for Wednesday, May 14, have garnered significant attention.Â
