Editor's PiCK
U.S. July Producer Price Index (PPI) rises sharply by 0.90% month-on-month… Bitcoin gives back $120,000
Summary
- The U.S. July Producer Price Index (PPI) rose 0.90% month-on-month, far exceeding market expectations.
- As a leading indicator for consumer prices, this figure signals an overheating of wholesale prices, drawing attention from investors.
- Bitcoin lost the $120,000 level and fell to $118,576 following the release of these economic indicators.
The U.S. Producer Price Index (PPI) for July far exceeded market expectations. Producer prices are considered a leading indicator for consumer prices, as they are eventually reflected in the final consumer goods prices after a certain period.
According to the U.S. Department of Labor on the 14th (local time), the U.S. PPI for July rose 0.90% from the previous month. This is a figure that far surpasses the market expectation of a 0.20% increase. Year-on-year, the PPI rose 3.3%, also exceeding the market expectation (2.5%).
During the same period, the number of new jobless claims in the U.S. last week was recorded at 224,000, slightly below the market expectation (225,000).
Amid the release of indications that the wholesale price index, a leading indicator of consumer prices, is overheating, Bitcoin (BTC) gave back the $120,000 level. As of 21:34 on the same day on the Binance USDT market, BTC was trading at $118,576, down 1.24% from the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Exclusive] FSS to examine ZKsync coin that surged '1,000%' in three hours](https://media.bloomingbit.io/PROD/news/1da9856b-df8a-4ffc-83b8-587621c4af9f.webp?w=250)
