Key Points
- Bitcoin (BTC) hits a new high following the U.S. Consumer Price Index report.
- Two additional macro reports could further influence the market this week.
Bitcoin (BTC) surged to a record high of over $93,400 shortly after the release of the U.S. CPI report.
The report indicated a 0.2% increase in the inflation rate year-over-year in October, hitting the anticipated 2.6%.
Global Crypto Market Reaction
The global cryptocurrency market cap followed suit, nearing $3.2 trillion, before settling back to $3.11 trillion.
However, the total trading volume saw a slight decrease of 5%, stabilizing around $400 billion.
Upcoming Influential Reports
Two more significant reports are expected this week.
Firstly, the U.S. Producer Price Index report is due for release.
With the increase in the CPI, the PPI is also anticipated to have risen, from 1.8% in September to 2.3% in October.
The PPI is a crucial indicator of the country’s inflation rate as it reflects changes in domestic producers’ output prices.
In simple terms, if production costs rise, consumers are likely to face higher prices for products.
Secondly, the U.S. retail sales data will be released on Friday, Nov. 15.
This data could provide insights into consumer spending trends, excluding food-related costs.
A predicted slight decline in total retail sales in the U.S over the last two months could suggest an increased fear of recession, as consumer spending is expected to drop.
This could have a negative impact on financial markets, including cryptocurrencies.
