For the Bitcoin and crypto market, the upcoming week promises to be a pivotal one. While the US Consumer Price Index (CPI), Jobless Claims, Producer Price Index (PPI) and Michigan Consumer Sentiment are all on the horizon, three events stand out as particularly: the July release of the CPI and PPI data, as well as the much-anticipated Bitcoin ETF decision for ARK Invest.
Consumer Price Index (CPI) On Thursday (8:30 am EST)
The CPI, a key measure of inflation, has been under the microscope as the US grapples with fluctuating inflation rates. The headline CPI is expected to rise from 3% to 3.3% YoY in July, a notable shift as beneficial base effects from the previous year begin to fade. The Cleveland Fed’s Inflation Nowcast model even forecasts a 3.42% headline CPI, slightly above the consensus.
After the Federal Reserve raised interest rates another 25 basis points in July, 84.5% of the market currently assumes there will be no…
