US Inflation Data Released: How Did Inflation Affect Bitcoin, Gold, and the Dollar?

  • The US inflation data for October performed above expectations. The Headline Consumer Price Index (CPI) remained unchanged despite an expected 0.1% increase on a monthly basis.
  • The year-on-year Core CPI, however, fell slightly below expectations with a 4.0% increase, compared to the anticipated figure of 4.1% in September.
  • With the release of the data, the price of Bitcoin rose by 0.70% to reach $36,670. Currently, BTC is trading at $36,550.

Critical inflation reports in the US have been released: All the details, expectations, and market impacts are covered on COINOTAG!

US Inflation Data Released

bitcoin-btc

The US inflation data for October performed above expectations. The Headline Consumer Price Index (CPI) remained unchanged despite an expected 0.1% increase on a monthly basis. The Core rate, on the other hand, increased by 0.2%, surpassing the expected 0.3%.

Analyzing all the data, the October CPI remained unchanged on a monthly basis, defying the expected 0.1% increase and matching the 0.4% increase in September. The year-on-year CPI, with a 3.2% increase, aligned with expectations, showing a decline from September’s 3.7%.

The Core CPI, which excludes food and energy costs, increased by 0.2%, falling slightly below the expected 0.3% in October. The year-on-year Core CPI showed a 4.0% increase, slightly below expectations and a decrease from September’s 4.1%.

While the Headline CPI inflation has been declining for months, it continues to remain above the Federal Reserve’s 2% target. Moreover, the Core rate has remained above 4% for an extended period. Fed members have hinted that they might make another interest rate hike before finally ending the approximately 20-month-long tightening cycle.

Before this report, traders were pricing in an approximately 86% likelihood of the Fed keeping interest rates steady at the mid-December meeting, and according to CME FedWatch, the likelihood of continued pause at the January meeting was around 75%.

How Does It Affect Bitcoin, Dollar, and Gold?

Before the inflation reports were announced, the Bitcoin price was trading at $36,406. With the release of the data, the Bitcoin price increased by 0.70% to reach $36,670. Currently, BTC is trading at $36,550.

In contrast, the Dollar Index experienced a sharp decline, dropping by 0.70% to reach 104.784 levels. Currently, DXY is at 104.906 levels. Gold per ounce saw a 0.68% increase, reaching $1,959. Currently, Gold is trading at $1,954.

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

BREAKING NEWS

Top Losers on Binance: TROY Sees a 25.01% Decline in 24 Hours

As of November 23rd, recent market data from Binance...

LM Funding Reports Increased BTC Mining Output in October 2024: A Step Towards Financial Growth

COINOTAG has reported that on November 23, LM Funding,...

Bitcoin’s Bullish Rebound Begins: VanEck’s Analysis Reveals Key Indicators for Future Growth

In a recent analysis by asset management powerhouse VanEck,...

Binance Achieves $8.73 Billion Net Inflow, Boosting Total Crypto Assets to $154.9 Billion

According to recent data from DeFiLlama, Binance experienced a...

ETH Investor Earns 1533 ETH Profit After Strategic WBTC Swap: Insights from On-Chain Data

On November 23rd, COINOTAG News reported a significant transaction...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img