On January 11, 2024, US consumer inflation exceeded expectations, shifting focus to the Producer Price Index (PPI) and Core PPI data released today, January 12, at 16:30 Turkey time. These figures are seen as potential indicators for the Federal Reserve’s (Fed) mid-year interest rate decisions.
The newly released US PPI and Core PPI came in below expectations. The annual Core PPI and annual PPI reported lower figures than anticipated, with PPI at 1% against a 1.3% forecast, and Core PPI at 1.8%, below the 1.9% expected.
In the crypto market, the launch of spot Bitcoin ETFs brought significant activity, with Grayscale’s ETF breaking the first-day trading record. Bitcoin’s price surged to $49,000 following the start of trading but faced a sell-off, dropping below $46,000 as the market anticipated the $50,000 mark.
Over the last 24 hours, Bitcoin experienced a 1% decline, trading around $45,848 at the time of writing. The PPI data release did not impact Bitcoin’s price, suggesting that economic indicators are having less effect on cryptocurrency prices.
FTX’s troubled cryptocurrency, FTT, gained attention with a 2% increase in the last hour and a 14% rise over 24 hours, trading at $3.16 at the time of writing.
