Bitcoin Trades Above $62k Ahead of This Week’s PPI and CPI Data Release

TL;DR

• Bitcoin is up by 1% in the last 24 hours and is now trading above $62k per coin.

• The positive performance comes ahead of the PPI and CPI data release on Tuesday and Wednesday respectively.

BTC Trades Above $62k Ahead of Crucial Inflation Data Release

Bitcoin, the world’s leading cryptocurrency by market cap, is trading above $62k per coin. It added more than 1% to its value in the last 24 hours and is now trading at $62,033.

This performance comes ahead of crucial inflation data this week. The Producer Price Index (PPI) will be released today while the Consumer Price Index (CPI) will be released tomorrow.

However, the CPI is the most important of the two and market analysts are forecasting that gauge to have risen 0.4% last month. Furthermore, the annual pace of headline CPI is expected to decline to 3.4% from 3.5% in March.

Finally, the core CPI is expected to surge by 0.3% in April, compared to 0.4% the previous month. The annual core CPI is expected to drop to 3.6% from 3.8%. 

The continuous high inflation in the United States has seen the US Federal Reserve delay cut rates. Some market analysts believe that the Fed might not cut interest rates this year, a move that could negatively affect Bitcoin and the broader cryptocurrency market.

Fed Chair Jerome Powell is set to speak later today alongside the Dutch central bank Governor Klaas Knot at the annual general meeting of the Foreign Bankers' Association in Amsterdam. Investors will tune in to the event as it might give a hint regarding the Fed’s upcoming policies.

Despite BTC adding 1% to its value, major altcoins are in the red. Ether has lost 1% of its value and continues to trade below $3,000. BNB and TON are also down by more than 1% in the last 24 hours.

Dogecoin and Solana are the best performers amongst the top 10 cryptocurrencies by market cap, adding 6% and 3% to their values respectively. 

Thanks to the market’s mixed performance, the total crypto market cap is up by less than 1% in the last 24 hours and now stands at $2.26 trillion.