If the Fed continues to hike the interest rates to curb inflation, BTC might enter a full-scale recession for the first time ever
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The crypto community is awaiting three significant dates in the month of July that can tremendously affect the crypto-asset market and the United States' macroeconomic conditions this year.
The monthly Consumer Price Index (CPI) and the data related to inflation will be out to the public on July 13. On July 26-27, an important announcement regarding the hike of the interest rates will be made, and on July 28, the US Q2 2022 gross domestic product (GDP) estimates will be released. These significant releases will judge whether the US is in a technical recession.
July 13th: CPI release date
CPI is supposed to be released on 13 July by the Bureau of Labor Statistics. As per Trading economics, the current stats for the June inflation rate or CPI is 8.7 percent which is a little higher than May’s 8.6 percent.
Michael van de Poppe, the founder and CEO of an educational platform and crypto-based consultancy, EightGlobal, tweeted that “all eyes on the CPI data next week and the Fed,” which will add to the bullish estimates for Bitcoin if the price goes above $20,000.