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Crypto Market Awaits US Inflation Data

The crypto market is awaiting the release of important US inflation data, including the Consumer Price Index (CPI) and Producer Price Index (PPI), which could cause sharp fluctuations in the price of Bitcoin and altcoins.
According to forecasts, the annual CPI index may increase to 2.9%, which is higher than last month’s figure. Also, the PPI data, which will be released on Tuesday, could indicate further inflationary pressures.
Investors are worried that the data will affect the Federal Reserve’s monetary policy decisions and strengthen the likelihood of further interest rate hikes. Such a situation could put further pressure on the cryptocurrency market.