Market Will go Down After The US CPI is Announced: Poll

Bitcoin and crypto markets are further red.
About 70 people votes market will fall.
41 individuals think the market will pump.

On October 11, Bitcoin and other cryptocurrency prices were further falling as BTC battled to reclaim the $19,000 level as support. The strong recovery in equity markets, where the Dow and S&P 500 recorded gains of 1.14% and 0.38%, respectively, contrasts with the dramatic decrease in cryptocurrency prices.

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Numerous economic events that took place in the middle of October are most likely to blame, and they may be magnifying investors’ aversion to risky investments.

Important economic milestones that historically had an effect on investor sentiment in the cryptocurrency market are highlighted on the calendars below:

Minutes of the Federal Open Market Committee (FOMC) for October 12.

Consumer Price Index (CPI) data for October 12.

Oct. 17: Q3 earnings season gets underway.

Personal Consumption Expenditures (PCE) price index for October 28.

Following these events, Cointelegraph has conducted a poll seeking a vote on what would happen to the crypto markets after the US consumer price index is announced.

However, a number of responses have surfaced, with nearly 70 people voting that the markets will collapse. There are presently 41 respondents to the poll, and they all predict a boom in the cryptocurrency sector. This suggests a somewhat sideways reaction, and it will be fascinating to see how the cryptocurrency market performs in light of the upcoming events.

According to James Butterfill, head of research at CoinShares, “a number of our clients have made the point that they don’t want to buy bitcoin right now, but that as soon as the Fed pivots, they would add to positions.”

The FOMC minutes and the CPI data beat/miss will be this week’s key data items to keep an eye on; a scent of dovishness is likely to be positive for crypto assets.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.