The Producer Price Index (PPI) data released in the US came in higher than expected, fueling concerns in the cryptocurrency market. As a result, the price of Bitcoin (BTC) fell below the $80,000 level at the Wall Street opening on Tuesday, trading around $79,500. This is reported by Cointelegraph.com reports .
According to the US Bureau of Labor Statistics, the growth in April was the highest recorded since March 2022. Such high inflation has reduced the probability of interest rate cuts by the Fed to almost zero.
Experts believe that rising oil prices and geopolitical tensions are putting significant pressure on consumer purchasing power. According to CME Group data, the probability of an interest rate cut in June is currently only 1.4%.
Market analysts emphasize that high interest rates pose a risk not only to crypto assets but also to stock markets. In particular, the rise in WTI oil prices is negatively affecting economic stability, forcing investors to abandon risky assets.
Read “Zamin” on Telegram!
