Crypto Magic: Investors Tend To Wait And See Ahead Of Inflation Data Release

Bitcoin predictions ahead of inflation (photo: Unsplash)

JAKARTA - Entering the second week of October, the Crypto Assets market in the red zone with Bitcoin (BTC) fell again below the price of 28,000 US dollars or Rp440.2 million.

On Tuesday, October 10 at 09.00 WIB, Bitcoin fell 1.37 percent to USD 27.552 (IDR 433.2 million). Meanwhile, Ethereum fell 3.29 percent at a price of USD 1.577 (IDR 24.7 million).

According to Panji Yudha's Financial Expert Ajaib Crypto, this week market participants tend to wait and see because they are waiting for a series of important macroeconomic data to be announced.

Starting from the release of the September CPI (Consumer Price Index) data which is scheduled to be released on Thursday, October 12, and the day after that, PPI (producing price index) data will be released.

Meanwhile, the Federal Reserve will also release minutes of a September Federal Reserve (FOMC) meeting on Wednesday, October 11.

"This week's inflation data will be able to provide clues to the Fed's interest rate decision in November," Panji said in a statement.

Meanwhile, in terms of industry, Panji stated that this week the community and crypto investors are paying close attention to any news about the Bitcoin ETF spot as next week is a second deadline' against the decision on a series of Bitcoin spot ETFs that have been submitted by a number of investment managers.

This approval of the Bitcoin spot ETF has the potential to open the entrance to institutional money into the crypto space, so that if later approved by the SEC it will have the potential to have a positive impact on the crypto market," Panji continued.