• The Consumer Price Index (CPI) releases show the current inflation rate in the USA.
• The Federal Open Market Committee (FOMC) meetings determine the rate hikes in the country.
• The CPI releases and FOMC meetings have resulted in significant price swings in the cryptocurrency market over the past several months.
The Consumer Price Index (CPI) releases and Federal Open Market Committee (FOMC) meetings have a major impact on the cryptocurrency market. The CPI reports provide a snapshot of the current inflation rate in the United States, while the FOMC meetings are responsible for determining the rate hikes in the country. This has resulted in significant price swings in the digital currency market over the past several months.
In order to have an idea of when the CPI releases and FOMC meetings are scheduled for the year 2023, let’s take a closer look at the relevant dates. The next CPI release is scheduled for January 12, while the following FOMC meeting is planned for February 1.
The CPI numbers are considered to be quite staggering in certain countries such as Lebanon (162%), Venezuela (over 150%), Turkey (nearly 90%), and Argentina (88%). The situation in well-developed and leading countries like the US is also quite concerning, with the most recent release showing a year-over-year inflation rate of 4.2%.
The market price of cryptocurrencies is highly influenced by the CPI releases and FOMC meetings, as investors tend to react to the news by either buying or selling. For example, when the CPI numbers are higher than expected, investors might see this as a sign of inflation, which in turn could lead to them selling their digital assets and buying stocks or bonds instead. On the other hand, if the CPI numbers are lower than expected, investors might be inclined to buy digital currencies as the prospect of a rate hike diminishes.
It is important to note that the CPI releases and FOMC meetings are not the only factors that influence the cryptocurrency market. Other external factors such as geopolitical events, regulatory changes, and technical developments can also have a significant impact on the price of digital currencies. Therefore, it is essential for investors to keep a close eye on all of these factors in order to make informed decisions.
All in all, the CPI releases and FOMC meetings are two of the most important events in the cryptocurrency market. The dates of these events have been provided above and investors should keep them in mind in order to have an idea of when the market might be affected by them. It is also important to note that the CPI releases and FOMC meetings are not the only factors that influence the price of digital currencies, so investors should take all external factors into account as well.