skip to Main Content
bitcoin
Bitcoin (BTC) $ 83,715.43 0.68%
ethereum
Ethereum (ETH) $ 1,907.03 1.00%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.36 0.90%
bnb
BNB (BNB) $ 629.80 3.63%
solana
Solana (SOL) $ 128.96 4.81%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.716358 3.33%
dogecoin
Dogecoin (DOGE) $ 0.172733 1.20%
tron
TRON (TRX) $ 0.212721 3.31%

Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5%

The United States government just released the latest CPI data, indicating that inflation has finally begun to ease following several consecutive months with record-setting numbers.

As with previous examples, the price of bitcoin reacted almost immediately with a surge towards $24,000.

  • Ever since the start of the year, the inflation numbers from the US have impacted BTC’s price since the cryptocurrency is considered a widely riskier asset.
  • For several consecutive months, the US had to announce record-breaking inflation percentages, with the latest in July being at 9.1% – the highest in over 40 years.
  • However, due to the declining oil prices, expectations were that the Consumer Price Index will be lower in July for the first time in a while.
  • Minutes ago, the US indeed outlined a lower inflation number of 8.5% for the previous month, which was 0.2% less than what most predictions envisioned.
  • As with previous examples, BTC reacted immediately and soared by almost $1,000 to just under $24,000. However, the cryptocurrency could be inclined to more volatility in the following hours, history shows.
  • The price increase could be related to investors’ general approach to the asset class since the CPI numbers give a broad suggestion of what the US Federal Reserve could do in the next meeting in September.

The post Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5% appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top