Crypto Market Eyes Recovery Ahead Of Key US Inflation Data Release

The growing inflation rates in the US have been on the headlines since last year. As per the leading lawmakers, this inflation was not anticipated, but the money printing spree throughout the pandemic was always a concern. In 2021, the US reportedly printed about 35% of the total US dollars, which was a major reason for this inflation. The market pundits expect an upcoming 6% rise in the consumer price index(CPI)  in November which could possibly be the highest in the past four decades.

As per the, the $1.85 trillion spending program and tax cuts can reduce the impacts of inflation, but experts are still very skeptical about this. The Asian Pacific and European markets have also recorded a massive decline. Japan’s Nikkei 225 declined to 28,437.77, which is 1%, whereas South Korea’s Kospi fell to 3,010.23, which is 0.64%, along with many retail and healthcare stocks going downhill.

However, contradicting this inflation, the crypto market witnessed a bounce back from its downfall due to the Omicron, a new variant of the coronavirus. The price of BTC improved above $48,400 from $47,358 while Ether price was recorded as $4,100 from $4,026, resulting in an overall crypto market cap above $2.25 trillion. Nonetheless, the panic after the market crashed the past few days were disastrous. Robert Kiyosaki has previously warned us about the market crashing and depression upcoming due to this “fake inflation” is inevitable. He actively blamed the Biden administration for this massive inflation to cover up the downfall of the market.