Cryptocurrency Prices on August 14: Bitcoin rises 3% to $61K after soft US PPI data
As of 1:12 pm IST, Bitcoin (BTC) rose 2.85% over the past 24 hours, trading at $60,948. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, gained 2.65%, trading at $2,724.
U.S. producer prices increased less than expected in July as the cost of services fell by the most in nearly 1-1/2 years amid signs of diminishing pricing power for businesses, evidence of waning inflation pressures that reinforced hopes of an interest rate cut next month.
Traders see about a 53% chance of a 50-basis-point Fed rate cut in September, rising from 50% a day before, according to CME FedWatch Tool.
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View Details»The U.S. consumer price data for July, due after Indian market hours, is the next major data point investors will closely watch.
«The crypto market saw an uptick as the U.S. PPI data came in lower than expected, which is bullish for the market,» the CoinDCX Research Team said. «The focus now shifts to the U.S. CPI data, set to be released today. Notably, during the last CPI data release, the market experienced a significant upside.»
Vik
