Bitcoin recovered to $62,000 after rebounding following the release of the Producer Price Index (PPI), which followed a decline caused by the Consumer Price Index (CPI) report.
Bitcoin briefly fell below $60,000 due to the higher-than-expected September CPI report, but it reversed into an upward trend within a day.
According to Coinbase, a leading cryptocurrency exchange in the U.S., Bitcoin was trading at $62,898, up 6.33% from 24 hours earlier.
This has largely offset the decline caused by the previous day's CPI report.
Bitcoin dropped to the $59,000 range immediately after the CPI announcement, but market expectations for a rate cut were reignited as the PPI growth rate came in below expectations.
The U.S. Labor Department reported that the September PPI growth rate was 0.0% month-on-month, falling short of expert estimates (0.1%).
The PPI is considered a leading indicator for consumer prices, and this has fueled market speculation that the Federal Reserve may accelerate its pace of rate cuts.
Additionally, news of the extension of the repayment deadline for Bitcoin from the bankrupt Japanese cryptocurrency exchange Mt. Gox also contributed to Bitcoin's price increase.
Mt. Gox was initially scheduled to repay Bitcoin to creditors by the end of October this year, but it announced an extension of the deadline to October 31, 2025.
This has alleviated concerns about potential selling pressure on Bitcoin.
Experts predict that Bitcoin's volatility is likely to persist depending on future economic indicators such as CPI and PPI.
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Bitcoin Falls Sharply Due to CPI Impact, Then Rebounds After PPI Release… Recovers to $62,000 Level
Bitcoin recovered to $62,000 after rebounding following the release of the Producer Price Index (PPI), which followed a decline caused by the Consumer Price In
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