Reserve

FOMC

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s value dipped following the release of US macro data indicating persistent inflation.</li>
 <li>Financial experts predict the Federal Reserve will maintain high interest rates due to the inflation data.</li>
</ul>
<p>Bitcoin’s value dropped as the US stock market opened on March 14, following the release of macro data from the US pointing to continued inflation. The swift decline in the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) from record highs to $71,200 happened within hours.</p>
<p>At the time of writing, a rebound had yet to occur, leaving Bitcoin’s value down by up to 3.3% for the day. The release of the US Producer Price Index (PPI) for February, which exceeded expectations, seems to have contributed to the drop in Bitcoin’s value. The PPI, along with recent jobless claims data and the Consumer Price Index (CPI) print, paints a challenging picture for the Federal Reserve.</p>
<h2 id="impact-on-federal-reserve-policies">Impact on Federal Reserve Policies</h2>
<p>Financial analyst Tedtalksmacro, in a social media post, suggested that the Federal Reserve may maintain high interest rates for a longer period in response to the data. The Federal Open Market Committee (FOMC), which had a meeting scheduled for March 20, was not expected to announce a rate cut.</p>
<p>According to recent estimates from the FedWatch Tool by CME Group, the chances of a rate cut at the next FOMC meeting in May were just 6.2% at the time of writing.</p>
<h2 id="bitcoin-s-broader-picture">Bitcoin’s Broader Picture</h2>
<p>Despite the immediate reaction to the macro data, some experts maintained a calm outlook on Bitcoin’s price action. Trader and analyst Rekt Capital suggested that record highs are often battlegrounds for volatility, both upward and downward. He believes that this volatility needs time to stabilize before a trend can continue.</p>
<p>Other traders noted that Bitcoin’s price patterns often show recovery later in the US trading session, despite weakness at the opening. This pattern has been particularly noticeable recently, with the most significant volatility occurring around the opening of the US market.</p>

Inflation Woes Amplified as Bitcoin Price Takes 3% Dip Amidst US Macro Data Revelations

Table of Contents

crypto.ro global

Other articles published on Mar 14, 2024

Elon Musk Teases Dogecoin Payments for Tesla, Fueling DOGE Price Surge

What Is Myro (MYRO)? How to Buy MYRO Token?

Litecoin (LTC) And Ripple (XRP) Hits Bullish Territory Amid KangaMoon (KANG) Raging Presale Perfo...

Penn Medicine Commits to Transparent Use of AI in Healthcare

Render Founder To Speak At NVIDIA’s GTC In 4 Days: RNDR Surge Ahead?

Memecoin Craze Continues: Investor Alert for Soaring Altcoin

Join our free newsletter for daily crypto updates!