Crypto News Today- Bitcoin and Ethereum Hold Steady Prior to Release of U.S. Consumer Prices Report

Bitcoin and Ethereum Maintain Stability Leading Up to Release of U.S. Consumer Prices Report

Crypto News– Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, maintained their stability in the hours leading up to another U.S. Bureau of Labor Statistics consumer prices report.

The new Consumer Price Index report is scheduled for release at 8:30 a.m. EST. Currently, the crypto markets appear relatively calm.

Bitcoin’s price hovered just above $62,000, showing a 0.6% increase compared to the same time yesterday. Meanwhile, the Ethereum price, which had dipped to around $2,900, experienced a slight 0.2% decline since Tuesday morning, according to CoinGecko data.

Ahead of U.S. Consumer Prices Report, Bitcoin and Ethereum Remain Stable

Economists have been predicting another potentially high Consumer Price Index report today. This index is a crucial metric used by the Federal Reserve to assess whether adjustments to the federal interest rate are necessary. Analysts have noted a rise in gas prices and incremental increases in the services sectors. Michael Pugliese, senior economist at Wells Fargo, commented that while the situation is concerning, it may not be overwhelmingly negative.

In the previous March Consumer Price Index report issued by the BLS, personal expenditures in the U.S. had increased by 3.7%. This news, indicating slower-than-expected economic growth in the U.S., led to a dip in BTC and ETH prices.

Bitcoin’s performance throughout the month saw fluctuations, starting below $60,000, briefly touching $65,000, and triggering the liquidation of hundreds of millions worth of derivatives positions. Recent macroeconomic factors, such as the conflict in Israel’s War on Gaza and subdued growth in major economies like the U.S., have contributed to pessimism in the crypto markets.

FAQs

For the latest in crypto updates, keep tabs on Crypto Data Space.