Breaking: Bitcoin Price Soars Despite US PPI Dampens Crypto Market Sentiment

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Bitcoin price surged today despite the latest US PPI data showing that the inflation has spiked in January, exceeding Wall Street expectations.
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Bitcoin Price Soars After US PPI Release
The latest US PPI Inflation data by the Labor Department has fueled concerns over a potential Bitcoin price crash ahead. However, it appears that the investors have shrugged off the inflationary concerns, as evidenced by the recent surge in BTC.

Meanwhile, the latest data showed that the US PPI advanced 3.5% on a year-over-year basis (YoY) in January, up from 3.3% in the prior month. The inflation on a monthly basis came in at 0.4%, up from the prior month’s figure of 0.2%. Notably, the latest data exceeds Wall Street expectations.

Simultaneously, the Core PPI, which excludes the food and energy prices, came in at 3.4% as compared to December’s figure of 3.3%. On the other hand, the Core PPI on a MoM basis rises to 0.3% from 0.1% recorded in the previous month. The market was expecting the Core PPI to come in at 3.3% and 0.2%, respectively.
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