Bitcoin price Breaks $26K

The rally is back on, it seems – Bitcoin broke $26K not long ago and is currently right under the mark at $25940 There should be no surprise to any of this with the current climate – Bitcoin was created just for this as 2023 resembles 2008 more each day

Bitcoin price breaks $26K as US inflation comes in at 6%

“The price of Bitcoin (BTC) saw a sharp uptick over $26,000 as the United States Department of Labor released the latest Consumer Price Index (CPI) data for February 2023.

CPI rose 0.4% last month on a seasonally adjusted basis, with the department noting that the all-items index denoting inflation increased by 6% over the last year. The Labor Department notes that inflation saw its lowest 12-month increase since the period ending September 2021.

CNBC reported that conventional markets were volatile following the release, while cryptocurrency markets reacted positively. Bitcoin saw a surge in price alongside Ether (ETH), according to data from CoinMarketCap.

CPI measures the average change over time in consumer prices for a basket of goods and services. It’s calculated by the Bureau of Labor Statistics and is used as an indicator of inflation.

CPI reflects the spending patterns of consumers on items such as food, housing, transportation, clothing, medical care and recreation. It’s used to adjust wages, benefits and social security payments for inflation, measure economic performance and set monetary policy.

The U.S. Labor Department’s statement notes that the shelter index was the largest contributor to the monthly all-items increase, accounting for 70% of February 2023’s CPI increase. Indexes for food, recreation, household furnishings and operations also contributed.”



Master Asked on March 14, 2023 in Bitcoin.
Add Comment