"Hurry up, BTC just went up, won't it go down already."
The cryptocurrency market slowed again as Bitcoin (BTC) was seen slipping back below the $25,000 level leaving investors and traders in a difficult position to make any decisions.
The unexpected drop in wholesale prices in February has caused the Federal Reserve (Fed) of the United States (US) to consider its next move regarding interest rates.
Through a report released by the Department of Labor yesterday, the Producer Price Index (PPI) in February fell at an annual rate of 4.6%, which is a significant decrease compared to January at 6%.
That streak, investors are still confused in identifying whether the Fed will raise interest rates by 25 basis points or not following the drop in inflation or no increase at all due to the ongoing banking crisis.
According to crypto expert Michael van de Poppe, the likely continued US inflation will have a negative impact on the price of BTC ahead of the next US Federal Open Market Committee (FOMC) meeting.
Poppe also mentioned that a drastic drop in the price of BTC could occur as the market remains largely uncertain about the Fed's next move after the Consumer Price Index (CPI) and PPI data are observed.
Although BTC recently saw a significant increase past the $26,000 level, speculative trading actions could lead to a decline in the price of the digital asset.
As of this writing, BTC price has plunged by 2.49% to $24,373 in the last 24 hours with a market cap of $470 billion but still recorded a 12.14% jump over the last week.
