Cryptocurrency prices have seen a sharp recovery in the past two weeks, as October 2021 kicked off with both Bitcoin and Ethereum close to their pre-crash highs.
Overall, the general sentiment in the market seems to be predominantly bullish at these levels.
That being said, Bitcoin, Ether have both experienced a slight pullback in Wednesday’s trading session as investors hone in on the U.S. inflation expectations and potential reactions from global policymakers.
This Wednesday’s U.S. Consumer Price Index (CPI) forecast expects a rise of 0.3% or a 5.3% annualized rate.
Excluding energy and food, CPI is forecast to be up 0.3% month-over-month or 4% annualized.
Meanwhile, Bitcoin’s price dipped below $57,000 on Wednesday as the current extreme demand in the market could see a short-term pullback before any fresh attempts seen at the April 2020 highs around $60,000 to $65,000.
Meanwhile, Binance Coin rallied by +7.54%, Cardano’s ADA (-2.51%), Chainlink (-2.35%), Litecoin (-3.64%), and Ripple’s XRP (-2.95%) also struggled.
Ethereum saw a more modest -1.46% loss on the day, however.