The crypto market braces for the impact of crypto options expiry, CME BTC futures closure, and PPI data. Analysts looking forward towards market recovery as CPI inflation falls to a year low, anticipating Fed rate cuts to start in September, according to the latest US CPI inflation data and unemployment report.
Producer prices index (PPI) annual inflation data in the US come in hotter 2.6%, higher than 2.2% in May. The monthly reading also came in higher at 0.2% against -0.2% last month.
As per the recent data, the US CPI has cooled to 3.0%, beating the expected data 3.1%, causing odds of Fed rate cuts to increase above 90%. Bitcoin also rebounded above $58,000 amid market optimism.
The crypto market rebounded slightly this week, with volatility falling sharply to a new low since March. The quarterly delivery and large fluctuations created a perfect entry opportunity for sellers.
As of now, at the time of writing this article, BTC is trading around $58,200 and has seen a increase in its price of 2.85% over the past week and has a current market capitalization of $1.15 Trillion.
