Bitcoin-denominated futures open interest hits 660,000 BTC despite volatility remaining comparatively flat.
Bitcoin (BTC) saw flash volatility into the Oct. 12 Wall Street open as United States economic data began to move markets.
Analyst: PPI volatility a taste of things to come
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping abruptly below $19,000 as Producer Price Index numbers came in above expectations.
A hint that inflation is not abating as quickly as the Federal Reserve might expect, PPI’s release an hour before the open saw local lows of $18,967.
The losses disappeared as quickly as they came, however, and at the time of writing, Bitcoin had already recovered above $19,000.
“Massive volatility at this number of PPI. At least inflation not acceleration,” Michaël van de Poppe, co-founder and CEO of trading platform Eight, wrote in part of a Twitter reaction.
“But, tomorrow, during CPI, the volatility will be higher. Tonight during FOMC minutes as well.”
Van de Poppe advised traders to stay away from leverage during the upcoming macro events, with CPI, in particular, tipped to p
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