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Crypto Market News: Traders might be keenly wanting on the consumer price index (CPI) report that’s scheduled for launch on Wednesday, July 12, 2023, because it may probably set the tone for yet one more 25 bps hike when the US Federal Reserve’s Federal Open Market Committee (FOMC) convenes between July 25 and 26. As has been seen within the lead as much as the latest macroeconomic occasions within the United States, the Bitcoin price appears to be like to on a standstill path already. Recently, Fed Chair Jerome Powell acknowledged that the central financial institution officers foresee at the very least two extra charge hikes by the tip of 2023.

Also Read: Bitcoin (BTC) Parabolic Rally To Take Post-Halving Price To $300K, Predicts Crypto Analyst

Meanwhile, the U.S. shares are following sideways motion on Tuesday, in anticipation of the inflation numbers. Following the CPI numbers launch on Wednesday, the producer value index information is about for launch the next day.

Bitcoin To Remain Standstill In Lead Up To US CPI Report?

The CPI is a key index that measures value adjustments over a time frame. Hence, the markets might be whether or not or not inflation within the United States follows the downward path. In this context, inflation tendencies turn into all of the extra necessary for Bitcoin value motion, contemplating BlackRock CEO Larry Fink’s latest feedback suggesting Bitcoin’s standing as a world asset and a potential hedge in opposition to inflation.

Good Morning legends #Bitcoin is again to ranging beneath $31,000 as Asia didn’t reclaim that every one necessary stage 💯

With the CPI tomorrow, i assume we’ll stay to vary till the information is launched for us all 💯

Chart to observe later this morning for you all 💯

— Crypto Tony (@CryptoTony__) July 11, 2023

The CME FedWatch Tool shows that market members count on a 25 bps hike with a 93% chance.

Also Read: Why Bitcoin Whale MicroStrategy (MSTR) Stock Price Is Soaring?

Anvesh reviews main crypto updates round regulation, lawsuits and buying and selling tendencies. Published round 1,000 articles and relying on crypto and net 3.0. He is presently based mostly in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

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