🚨 US PPI Soars to 3%—How Will Crypto React?

Author

CoinGape Media
December 12, 2024

News

Bitcoin recently surpassed the $100,000 mark, drawing attention from institutional investors. Michael Saylor, co-founder and executive chairman of MicroStrategy, discussed his company’s Bitcoin strategy. MicroStrategy holds a significant Bitcoin reserve, positioning it as a long-term asset despite BTC volatility.

Saylor reiterated the company’s commitment to continue acquiring Bitcoin. More so, he noted that MicroStrategy’s stock has also performed well, driven by BTC rally.

Bitcoin price staged a strong comeback on Wednesday, soon after the release of the US CPI inflation data, gaining another 3.5% and shooting past the crucial resistance of the $100K level. Investors are now looking ahead to the FOMC meeting next week with expectations of another 25 basis points rate cut.

Investors eagerly awaited the crucial US Producer Price Index (PPI) data, especially after the recent CPI inflation accelerated last month. Notably, the latest data showed that the US PPI accelerates at 3%, up from the 2.4% figure noted in October. The surge also exceeded market forecasts, dampening the hopes of the crypto market enthusiasts. Besides, it also sparked concerns regarding the anticipated rate cut at the Fed’s upcoming gathering next week.

Pepeto: Hype, Community, and Adoption for the Memecoin Era

Pepeto has ignited a wave of excitement across the crypto space, driven by its captivating story tied to the six legendary documents—P, E, P, E, T, and O—that define its vision. This narrative has not only intrigued investors but also rallied a vibrant and growing community, as evident across its active social media platforms. Beyond the hype, Pepeto’s adoption utility stands out, positioning it as the go-to exchange for the next generation of frog-themed and memecoin projects. By offering a seamless platform for trading, bridging, and listing, Pepeto ensures it’s ready to empower the wave of innovative frog-inspired tokens in the 2025 bull run.

Markets

Crypto prices today displayed a bullish trend, with Bitcoin surpassing $100K. Ethereum increased by 6%, while XRP and Solana rose by 5% to 6%. SUI led gains with a 30% surge, followed by Ethena (ENA) climbing 23% in the past 24 hours.

The crypto market cap increased by 5%, reaching $3.59 trillion. However, the 24-hour trading volume dropped by 31%, now at $214 billion. The Fear and Greed Index stands at 80, reflecting extreme greed in the market.

The leading crypto exchange, Binance, has expanded its support for HIVE, IDEX, and TLM crypto, gaining significant attention from investors. Notably, this has also caused the assets’ prices to surge immediately, indicating the robust influence of the exchange among investors. Now, with the expanded offering the market experts anticipate the rally to continue ahead.

Regardless of the recent market crashes Bitcoin price today is up 2.39% and trades at $100,966.0. With this optimism back, investors can expect altcoins to rally.