Although the leading cryptocurrency Bitcoin briefly fell to $55,000 yesterday following the CPI data from the US, it later recovered and rose above $58,000.

While BTC has been exhibiting quite volatile movements in recent days, data on the US Producer Price Index (PPI) was also announced today.

The data disclosed is as follows:

Core Producer Price Index (Monthly): Announced 0.3% – Expected 0.2% – Previous 0.0%

Core Producer Price Index (YoY): Announced 2.4%– Expected 2.5% – Previous 2.4%

Producer Price Index (Monthly): Announced 0.2%– Expected 0.1% – Previous 0.1%

Producer Price Index (Annual): Announced 1.7%– Expected 1.8%– Previous 2.2%

In addition to the PPI data, US Unemployment Claims were also announced.

US Jobless Claims: Announced –230k Expected 227k – Previous 227k

Following the incoming PPI data, the first reaction of Bitcoin and Dollar (DXY) was as follows:

*This is not investment advice.