Crypto market eyes recovery ahead of key US inflation data release

The market has finally been able to break above the $7,000 handle. Traders are speculating that this could lead to a crossover point for Bitcoin and Ethereum as well. With US inflation data releasing on Thursday, most expect the cryptocurrency markets will see an increase in volatility due to price fluctuations.

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The “what is going on with crypto market today” is a question that many people have. There are rumors that the cryptocurrency market has been recovering and might be able to recover more before the US inflation data release.

Inflation has been a major source of worry for countries all around the globe, particularly the United States. 

Consumer inflation in the United States has risen at one of the fastest rates in the world over the last year. People often bring their attention to the seeming unfettered money printing frenzy during the epidemic, despite lawmakers throughout the world claiming they didn’t see the inflation coming.

The United States alone produced 35% of the entire US dollar in circulation in 2021, contributing to record-breaking inflation. The consumer price index (CPI) is expected to jump 6% in November, the highest level in four decades, according to market analysts. 

The CPI is expected to be released on December 10th.

The Biden administration claims that the $1.85 trillion spending plan and tax cuts would reduce inflationary impacts, but economists are wary of the concept of printing more money.

Crypto-market-eyes-recovery-ahead-of-key-US-inflation-dataM1 money stock from 1959 to 2021. The Federal Reserve Bank of St. Louis is the source of this information.

Markets in Asia Pacific and Europe began cautiously, with a wide fall across the board. The Nikkei 225 index in Japan fell 1% to 28,437.77. The Kospi in South Korea declined 0.64 percent to 3,010.23, while the Kosdaq fell 1.1 percent to 1,011.57. The STOXX 600, a pan-European stock index, was down 0.4 percent, with losses in technology, retail, and healthcare firms.

1639144028_287_Crypto-market-eyes-recovery-ahead-of-key-US-inflation-dataThe Asia Pacific markets will close on December 10, 2021. CNBC is the source for this information.

In contrast to the general slump in conventional markets, the crypto market enjoyed a slight rebound from yesterday night. Following plunging to a daily low of $47,358 on Friday, Bitcoin (BTC) rallied over $48,400, while Ether (ETH) climbed above $4,100 after a daily low of $4,026. The total value of all crypto assets has surpassed $2.25 trillion.

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With growing inflation and the omicron version causing fear in established markets, Bitcoin might become a viable inflation hedge once again.

The author of “Rich Dad, Poor Dad” and a businessman himself, Robert Kiyosaki, warned of an impending financial “collapse and depression” owing to “false inflation.” The Feds and the Biden administration, according to Kiyosaki, are to responsible for the phony inflation.

The FED and Biden are promoting FAKE INFLATION. Crash and depression are on the way. Gold, silver, Bitcoin, and real estate prices will all plummet. After the collapse, people are ready to purchase more gold, silver, Bitcoin, and real estate. After the phony inflationary collapse, it’s time to grow wealthy. Be alert of your surroundings. Take precautions.

December 9, 2021 — therealkiyosaki (@theRealKiyosaki)

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The “why did bitcoin drop in july” is the question that has been on everyone’s mind. The market seems to be expecting a recovery ahead of key US inflation data release, but the price of Bitcoin has fallen by more than 10% since July.

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