Bitcoin (BTC) and altcoins are on the rise as expectations rise for a 50 basis point interest rate cut from the Fed next week.
BTC rose above $114,000, Ethereum (ETH) rose above $4,400, and XRP above $3.
Dogecoin (DOGE) has reached $0.25, posting a 5% daily gain for a total gain of 15.9% over the past week.
While it is almost certain that the FED will cut interest rates next week, critical inflation data that the FED attaches importance to in making interest rate decisions was released today.
Here is the data disclosed:
Consumer Price Index Annual: Announced 2.9% – Expected 2.9% – Previous 2.7%
Consumer Price Index Monthly: Announced 0.4% – Expected 0.3% – Previous 0.2%
Core Consumer Price Index Annual: Announced 3.1% – Expected 3.1% – Previous 3.1%
Core Consumer Price Index Monthly: Announced 0.3% – Expected 0.3% – Previous 0.3%
The consumer price index is an important variable used to measure consumer purchasing trends and U.S. inflation changes.
Bitcoin’s First Reaction After CPI Data!
*This is not investment advice.