Upcoming Inflation Data May Set the Tone for Crypto
The upcoming business week brings essential macroeconomic statements releases from the United States of America, which will affect not only the domestic economy but also the cryptocurrency market itself. On Monday 13.3. an emergency meeting of the FED will take place. Subsequently, data on inflation in the USA will be published on Tuesday.
Given last week's collapse of shares in the banking sector, James Bull, a well-known professional in the field of cryptocurrencies, expects the FED to reduce interest rates to protect banks from a similar drop in the prices of their shares.
An important aspect will be the level of the macroeconomic indicator CPI. According to James Bull, cryptocurrencies will grow if the CPI is higher than the expected value, and conversely, if the CPI is lower, cryptocurrencies may experience a decline. Bitcoin has increased in value by almost 40% since the beginning of 2023, as of today, March 13.
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