US Inflation Data Influences Markets, Bitcoin Rebounds

According to BlockBeats, on October 14, the release of the U.S. September CPI and PPI data last week sent mixed signals to the market, but overall, the data indicated that inflationary pressures persist. The Federal Reserve is almost certain to cut interest rates by 25 basis points next month. Last Friday's unexpected flat PPI data led to a collective rise in the three major U.S. stock indices. The Dow Jones and S&P 500 both hit intraday record highs. Over the past week, the Dow Jones increased by 1.21%, the S&P 500 rose by 1.11%, and the Nasdaq gained 1.13%, marking the fifth consecutive week of gains for all three indices. The cryptocurrency market followed the U.S. stock market's upward trend, with Bitcoin climbing back above $62,000, reporting $62,659 at the time of writing, narrowing its weekly decline to 1.82%. Ethereum was reported at $2,455, with a weekly decline narrowing to 1.47%. In the foreign exchange and commodities markets, the U.S. dollar index continued to rebound last week, rising by 0.4%, which led to a decline in most non-U.S. currencies. The intensifying tensions in the Middle East caused international oil prices to rise for the second consecutive week, with U.S. crude oil increasing by 1.6% and Brent crude oil rising by 1.3% over the week. The fluctuating U.S. dollar also pushed spot gold closer to its historical high, with COMEX gold futures reporting $2,674.2 per ounce, a slight weekly increase of 0.04%. This week, U.S. economic data is relatively calm, and corporate earnings reports may become a bigger focus as the new earnings season begins, potentially testing the U.S. stock market. The recent news considered the most dangerous for the cryptocurrency market is the potential sale of 69,000 Bitcoins (approximately $4.2 billion) by the U.S. government. Additionally, with only a few weeks left until the U.S. presidential election, the tight race adds further uncertainty to the market.