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The price of Bitcoin recovered and approached $61,500 again on October 11, despite the higher-than-expected US Producer Price Index (PPI) data. According to Bitstamp data, Bitcoin reached a local peak of $61,476 with this rise.
The latest macroeconomic data from the US revealed that the PPI increased more than expected. While the expectation was 1.6%, the PPI was announced as 1.8%. The statement from the US Bureau of Labor Statistics (BLS) stated, “The final demand index excluding food, energy, and business services increased by 0.1% in September, which was below the 0.2% increase in August. On an annual basis, prices increased by 3.2%.”
This development poses a new challenge for the Federal Reserve, as it follows the Consumer Price Index (CPI) data, which shows increasing inflation pressures. The Kobeissi Letter argued that the Fed’s 0.5 point rate cut last month was unnecessary, saying, “Both Core PPI and CPI inflation are on the rise again.”
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Bitcoin, which benefited from the Fed’s rate cut decision in recent weeks, performed differently than the stock market this week. While cryptocurrencies and risky assets experienced selling pressure following the PPI data, stocks rose.
According to CME Group’s FedWatch tool, expectations for a possible rate cut in November remained unchanged. The probability of a 0.25 point rate cut was close to 84%, while the probability of interest rates remaining stable was around 17%.
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