All eyes are set on US inflation data released this Thursday. The crypto market is moving sideways with few changes in the price of Bitcoin and altcoins. If inflation comes in hot, there could be more rate hikes coming.
The Consumer Price Index (CPI) measures the average price of goods and services consumers purchase. It is one of the most closely watched economic indicators, and it can have a major impact on the crypto market.
Crypto Market Eyes Inflation
If the CPI comes in lower than expected, it could provide much-needed relief to the market, leading to a soft landing on the next FOMC meeting. Experts forecast a rise in CPI data for July from 3% to 3.3% YoY. Apart from that, another CPI data report is set before the next FOMC meeting in September.
In other words, there are two chances that inflation data will pick up again, which could lead to a worst-case scenario for the financial markets, including the crypto market. The return…
