Crypto Prices Are Higher Ahead Of Key Inflation Data, Bitcoin Holds At $19,000

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Crypto Prices Are Higher Ahead Of Key Inflation Data, Bitcoin Holds At $19,000
Ether has significantly outperformed Bitcoin since both cryptocurrencies bottomed out in June 2022. Ethereum's big gains are due to investors' hopes for an upgrade to the main Ethereum blockchain. © Contributed by CNBC Ether has outperformed bitcoin as the cryptocurrency hit a June 2022 low. Ethereum's huge gains are attributed to investors anticipating an upgrade to the main Ethereum blockchain.

Cryptocurrencies rose on Wednesday as investors shrugged off Thursday's expected inflation report in anticipation of another key inflation gauge.

Bitcoin is up 0.4% at $1,9072.00, while Ether is up 0.6% at $1,290.73.

September's Producer Price Index, which reflects final wholesale order prices, came in higher than expected, suggesting to investors that the Fed may continue to hike rates significantly until inflation picks up again.

Cryptocurrency and stock investors are eagerly awaiting Thursday's CPI report.

Silvia Jablonsky, CEO and chief investment officer of the Defiance ETF, described the PPI report as "positive," noting that investors were neither depressed nor overly enthusiastic. Bitcoin and Ethereum have been trading in a tight range for almost a month now, with Bitcoin still stuck at $19,000, their moves driven by macro factors as the crypto industry quietly builds new narratives for the next right path.

"Until CPI tomorrow and the end of this reporting season, and more information from the Federal Reserve, cryptocurrencies and stocks will stay within that trading range, and many mutual fund investments that typically enter the market will stay away," he told CNBC.

"There is a feeling that we are approaching the bottom, but because of the uncertainty in the short term, there is no need for a large number of investors," he added. "Until then, cryptocurrencies and every growth asset remains in a state of emergency."

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