US Inflation Data Impact on Bitcoin (BTC) and Cryptocurrency Market Revealed!

  • The long-awaited US inflation data, the Consumer Price Index (CPI), has finally been released, revealing a rise to 3.4% over the last 12 months, indicating a continued trend of price increases.
  • This figure exceeded analysts’ expectations of a decrease to 2.9%, and following the announcement, Bitcoin’s price surpassed $64,000, recording an overall increase of over 4%.
  • The US consumer prices rose less than expected in April, indicating a potential slowdown in inflation at the start of the second quarter, which boosted hopes in the financial markets for a possible interest rate cut in September.

The US inflation data reveals a rise to 3.4% over the last 12 months, exceeding analysts’ expectations and leading to a surge in Bitcoin’s price. This article delves into the details of the inflation data and its impact on Bitcoin.

Details of the US Inflation Data

The Consumer Price Index (CPI) increased by 3.4% over the 12-month period ending in April, showing a slight decrease compared to the 3.5% increase in the previous month, March. However, the data indicates that the progress in controlling inflation has stalled, as the annual increase is still significantly above pre-pandemic levels (9.1% in June 2022).

Impact on Bitcoin

Following the release of the CPI report, Bitcoin’s price experienced a sudden surge, rising from approximately $61,800 to $64,000, representing a 3.8% increase. Additionally, Bitcoin’s trading volume increased by 10.9% to reach $28.8 billion, while its market value was recorded at $1.25 trillion.

Conclusion

The US inflation data has had a significant impact on Bitcoin, leading to a surge in its price. As the inflation data continues to exceed expectations, it will be interesting to see how this affects Bitcoin and other cryptocurrencies in the future.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin: CEXs Record 7,918 BTC Net Outflow in 24 Hours — Coinbase Pro Drains 6,363 BTC, Binance Adds 571 BTC

COINOTAG News on September 18, citing Coinglass data, reports...

DeAgentAI (AIA) Surges 215% After Binance Alpha Launch on Sui Ecosystem, Peaks at $0.6315

On September 18, Binance Alpha announced the launch of...

BNB Market Cap Hits $139.01B — Surpasses ExxonMobil, BYD and Pfizer to Rank 156th Globally

COINOTAG News reported on September 18 that, per 8marketcap...

$BNB BREACHES $1,000 FOR THE FIRST TIME

$BNB BREACHES $1,000 FOR THE FIRST TIME Link #BNB

K33 Research: About 25% of Publicly Traded Bitcoin Treasury Companies Have Market Caps Lower Than Their Bitcoin Holdings

On September 18, COINOTAG cited K33 Research data showing...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img