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US Government Shutdown Will Halt Inflation Data, What’s the Impact on Crypto?
Ongoing speculation suggests that the United States government may experience a shutdown at the end of the week. A recent report indicates that the publication of inflation and employment data will be indefinitely suspended. How will this impact the crypto market?
“As a result, the September jobs report and the Consumer Price Index would not be released,” a recent report revealed.
US Government Shutdown Potential For Uncertainty In Crypto Market
As per a recent report, a US government shutdown would trigger the cessation of report publications across all US government bodies:
“The suspension of the reports would occur across all government agencies such as the Labor Department’s Bureau of Labor Statistics (BLS) and the Commerce Department’s Census Bureau and Bureau of Economic Analysis (BEA)”
Additionally, the report highlights that this would leave monetary policy officials, investors, and American citizens “in the dark.”
BeInCrypto recent reported that the US government’s funding could potentially deplete after September 30. If Congress fails to reach an agreement and pass a spending bill by the month’s end, a shutdown looms.
In the past, Bitcoin has tended to go up in price when people expect the Consumer Price Index (CPI) to drop or rise slowly. For example, data from July 12 showed that inflation only went up by 1% in the previous month.
However, the absence of inflation data could create uncertainty among investors. The US government shutdown might lead them to consider alternative assets like Bitcoin and other cryptos over traditional fiat currency.
Meanwhile, it raises the question of what will occur regarding the pending Bitcoin ETF approval decision, which the SEC is scheduled to deliver on October 17.
