Bitcoin Stable Above $26K as US CPI Numbers for August Higher Than Expected
Most of the expectations for the August CPI numbers in the United States pointed out a year-over-year (YoY) increase of 3.6%.
However, the actual numbers are just a fraction higher at 3.7%, while the core CPI increase is above 4%.
- All eyes in the financial markets were on the US government on Wednesday as the authorities were scheduled to release the Consumer Price Index data for the month of August.
- Experts from the Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and other US financial behemoths foresaw an increase in the YoY of the CPI of 3.6%. Only Barclays, Citigroup, and UBS predicted the actual jump of 3.7%.
- The core CPI data, which excludes more volatile sectors such as food and energy, has noted a yearly increase of 4.3%, which is lower than the previous month’s 4.7%.
- This data used to impact BTC’s price quite a lot in the past, as it indicated the future behavior of the US Federal Reserve in its battle against the galloping inflation.
- However, this hasn’t been the case for a while, and last month’s numbers are no different. BTC continues to trade inches above $26,000, where it stood for the past few hours.
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