PPI Numbers Fall Lower Than Expectations, Market Reacts Negatively as Bitcoin Holds $25,000

Lower Wholesale Inflation Keeps Bitcoin at $25,000

Following the PPI numbers, Bitcoin maintained a resistance level of $25,000 after recording its best four-day stretch ending March 14 since Feb. 2021. In the last four days, Bitcoin peaked at $26,500 but has since fallen to below $24,800.

The U.S. Bureau of Labor Statistics releases the PPI number during the second week of each month.

U.S. Producer Price Index | Source: YCharts

Unlike the Consumer Price Index, which measures changes in consumers’ prices, the PPI measures what producers pay to create finished goods. PPI is also known as wholesale inflation.

So-called core PPI, excluding food, energy, and trading services, rose 0.2% in Feb. 2023, down 0.3% from Jan. 2023.

Retail spending fell 0.4% in Feb. 2023, with the biggest drops occurring of 4% in department stores, 2.5% in furniture stores, 2.2% in food services, and 1.8% in motor vehicles and parts dealers.

Credit Suisse was down 29% to sub-$1.60 price levels in Swiss trading after investor Saudi National Bank said it wouldn’t provide any more money. The stock has since recovered, rising to $1.72 at press time.