Inflation data and news about potential government laws that could allow for the seizure of crypto are among the topics mentioned in a market update video. The presenter also covers PPI data, Twitter and crypto, AI Doge and some developments at Tesla and bittrex. Additionally, the UK tax authorities are said to be seeking powers to seize Bitcoin held on exchanges. While some tokens showed positive movement during the day in question, the video advises caution and recommends cold storage for safe holding.
Inflation Data Released
The markets have been hit with some big news today, as inflation data was released showing a 4.9% year over year increase, which is slightly lower than the estimated 5% rate. The core CPI also came in at 5.5%, which is in line with estimates. While this may not be a massive beat, it is certainly a psychological barrier that has been broken. Bitcoin is currently up around 28k but has not seen a major increase.
Other News Affecting the Crypto Market
The news doesn’t stop there, however. Foreign governments are also reportedly trying to pass laws that will allow them to take control of citizens’ crypto assets. Twitter is also making headlines as Tucker Carlson joins the platform, and there are reports that Elon Musk may be considering a subscription service, or even a dating app, for the X app.
Protect Your Crypto Assets
With the news of Bittrex filing for U.S bankruptcy and reports that UK tax authorities may be granted the power to seize Bitcoin, it’s more important than ever to protect your crypto assets. Cold storage wallets like Treasure or Ledger are highly recommended as a safe way to store your crypto assets.
Expectations for PPI Tomorrow
Tomorrow’s Producer Price Index is also highly anticipated, with forecasts expecting a 2.4% increase. It will be interesting to see how this plays out with the inflation data release from today.
The crypto market remains volatile and unpredictable, but the news today has given some much-needed positivity and hope to investors. With more people joining the market every day, it’s important to stay vigilant and keep a close eye on developments.