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The cryptocurrency market is awaiting the release of the US Consumer Price Index (CPI) this week, which could have a major impact on the Federal Reserve’s interest rate policy. The release of recent labor market data, which showed signs of slowing employment growth, has fueled hopes for a rate cut. Following the report, Bitcoin temporarily broke through the $100,000 mark, indicating investor optimism.

In addition to the CPI, the market is also eyeing the Producer Price Index (PPI) as well as Federal Reserve Chairman Jerome Powell’s testimony to the US Congress. These events are expected to provide clues about the Fed’s upcoming policies and determine the direction of financial markets, including cryptocurrencies. If inflation rates are higher than expected, selling pressure in financial and crypto markets is likely to increase.

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