October 14, 2022: -On Wednesday, Cryptocurrencies were slightly higher after investors shrugged off an over-inflation report in anticipation of another essential inflation indicator include came out on Thursday.

The bitcoin price edged higher by 0.4%, trading at $19,072.00, while ether increased 0.6% to $1,290.73.

The September producer price index, a gauge of final-demand wholesale prices, suggested to investors that the Federal Reserve will continue aggressively hiking rates until inflation comes down.

Defiance ETFs CEO and chief investment officer Sylvia Jablonski known as the PPI, reports a “benign” reading that investors are neither overly sad nor overly happy about. Bitcoin and ether have traded in a narrow range for almost a month, with bitcoin “stuck” in the $19,000 level, and their moves have mainly been macro-led as the crypto industry quietly builds recent narratives for the next bull run.

“Until we get past tomorrow’s CPI read and this earnings season and get better color from the Fed, crypto, and equities are staying in this trading range, and a lot of the investor funds that typically go into the market will remain on the sidelines,” she told CNBC.

“There is a sense that we’re closer to the bottom than not, but there also isn’t this urgency to get in from a lot of investors because of the short-term uncertainty,” she added. “Until then, crypto and any growth assets remain in purgatory.”