Crypto Under Pressure As White House Warns of ‘Extraordinarily Elevated’ March CPI
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On Tuesday (April 12), Bitcoin and other cryptoassets — as well as U.S. stock futures — are under pressure as investors wait for the U.S. Bureau of Statistics to release March 2022 Consumer Price Index (CPI) data.
According to the Bureau of Labor Statistics, the CPI is “a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.” March 2022 CPI data is expected to be released at 8:30 A.M. Eastern Time on April 12.
White House press secretary Jen Psaki told reporters during yesterday’s daily briefing that the Biden administration is expecting the March 2022 headline inflation to be “extraordinarily elevated due to Putin’s price hike.”
She went on to say that they “expect a large difference between core and headline inflation reflecting the global disruptions in energy and food markets,” pointing out that core inflation “does not include food and energy prices.”
According to a report by CNBC, on Monday, Ed Yardeni, president of Yardeni Research told CNBC’s “Closing Bell: Overtime”:
“I think by the summer we’ll probably see the CPI inflation rate peaking and then the consumption deflator is going to peak somewhere between 6 and 7% and then come down to maybe 3 to 4% by the second half of the year going into next year.“
At the time of writing (i.e. 7:38 a.m. UTC on April 12), futures on the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 are down 0.53%, 0.52%, and 0.47% respectively.
As for cryptoasset prices, Bitcoin ($BTC), Ethereum ($ETH), Binance Coin ($BNB), Solana ($SOL), Cardano ($ADA), Terra ($LUNA), and Avalanche ($AVAX) are trading around $40,162 (-5.1%), $3,019 (-5.2%), $407.00 (-2.5%), $102.73 (-7.6%), $0.9526 (-6.5%), $84.77 (-4.6%), and $77.19 (-3.6%).
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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