The US Consumer Price Index (CPI) inflation data for June is set to be released today. If the CPI data release from the previous month is any indication, this announcement might trigger ructions in the markets for cryptocurrencies.

The White House anticipates that the Consumer Price Index statistics for June will be grossly inflated. However, it argues that the CPI statistics would be pointing in the wrong direction since lowering energy prices may already have relieved some inflation fears of Americans, who had previously been struggling with a significant rise in the cost of food and fuel.

The increased inflation statistics are seen by crypto specialists to have the potential to once again throw the cryptocurrency markets into a spiral owing to worries of the Reserve changing monetary policy.

On the other hand, if the Consumer Price Index statistics shock everyone by showing signs of a slowdown in the US economy, the cryptocurrency markets may see an upward trend. Stock, bond, and cryptocurrency markets all went into freefall once May’s high inflation data was announced.

Following the release of the CPI statistics, the US Federal Reserve decided to hike interest rates at its June policy meeting from the 50 basis points indicated at the previous meeting, to 75 basis points at that time.

The cryptocurrency markets have already begun to adjust themselves and have been doing so for the last several days in preparation for higher inflation statistics. In the last day and a half, the price of the most popular cryptocurrency Bitcoin has fallen to $19,496 and Ethereum is barely hovering over $1,000.