Bitcoin Jumps 2% after CPI Report

Bicoin is teetering between being above and under $24K this morning after the CPI report showed inflation slowed in the month of July (but did it?). As time grows and so does education, more and more will see Bitcoin is the light at the end of the tunnel, not the fed

U.S. Inflation Slowed to 8.5% in July, CPI Report Shows; Bitcoin Jumps

“Bitcoin (BTC) jumped 2% and Ethereum (ETH) 7% in the minutes after the report, signaling relief on the part of crypto traders that the Federal Reserve might be able to relax its aggressive approach to tightening monetary conditions.

The consumer price index (CPI) surged 8.5% in July on a year-over-year basis, though it was unchanged from the previous month, partly thanks to lower energy prices, a report by the Bureau of Labor Statistics showed. The annual figure compared with an average estimate of 8.7% in a survey of economists by FactSet.

Stripping out food and energy prices because of their strong volatility, core CPI remained unchanged at 5.9% over the past 12 months, slightly missing expectations of 6.1%.

Most cryptocurrencies across the board declined on Tuesday in anticipation of the report, with bitcoin dropping about 4% to 23,100k after rising above $24k on Monday. Ethereum (ETH) fell over 5%.”


Master Asked on August 10, 2022 in Cryptocurrency.
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