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Federal Reserve interest rates
The cryptocurrency market is waiting for the US Consumer Price Index data, as hopes of a possible Fed rate cut increase. The cryptocurrency market is preparing for the upcoming release of US Consumer Price Index inflation data, which could have a significant impact on the Fed's rate cut plans. Recent US employment data has shown a slowdown in the labor market, sparking optimism in the market and raising hopes of a rate cut. It is worth mentioning that after the release of employment data, Bitcoin briefly broke through the $100,000 mark, reflecting the market's positive sentiment.
Market regulators are eagerly awaiting the arrival of key events this week, which may provide more clarity for the Federal Reserve's future monetary policy decisions. It's a crucial week for the cryptocurrency market.
Investors are closely watching major economic developments as they enter a critical week in the cryptocurrency market. This week will see a series of developments, including inflation indicators such as the US Consumer Price Index and the US Producer Price Index. In addition, close attention will be paid to Federal Reserve Chairman Jerome Powell's testimony before Congress to understand the central bank's stance on plans to lower the federal funds rate.
The impact of rising consumer prices in the United States on the Bitcoin and cryptocurrency markets
This week, there is a high possibility of releasing the US Consumer Price Index data, which is expected to have a significant impact on the cryptocurrency market, including Bitcoin. According to Wall Street expectations, the inflation rate of the US Consumer Price Index is expected to decline to 0.3% in January, lower than 0.4% in December. In annual calculation, it is expected that the Consumer Price Index will reach 2.8%, lower than the previous 2.9%.
On the other hand, the core inflation rate of the consumer price index is expected to remain at 0.3%, excluding food and energy prices. However, the core inflation rate of the consumer price index is expected to decrease from last month's 3.2% to 3.1%.
Meanwhile, these data are crucial for the Fed's interest rate decisions, which in turn affect the cryptocurrency market. A decrease in inflation rates may lead to a more accommodative stance by the Fed, which could be positive for Bitcoin and the broader cryptocurrency market.
However, investors will closely watch these data, especially after the recent US employment data brought some comfort to investors. It is worth noting that the latest labor market data shows that non-farm employment positions are below the market's expected 169,000 positions, and added 143,000 positions in January.