The leading cryptocurrency, Bitcoin ($BTC), has fallen again after recovering to $70,000. Bitcoin is trading around $67,000, while Ethereum (ETH) is trading around $1,960, as US January inflation data was released.
While volatility in $BTC continues, the whole world is focused on US inflation figures.
Here are the US inflation figures that have been released:
Consumer Price Index Annual: Announced 2.4% – Expected 2.5% – Previous 2.7%
Consumer Price Index Monthly: Announced 0.2% – Expectation 0.3% – Previous 0.3%
Core Consumer Price Index Annual: Announced 2.5% – Expected 2.5% – Previous 2.6%
Core Consumer Price Index Monthly: Announced 0.3% – Expected 0.3% – Previous 0.2%
The consumer price index is a key variable used to measure consumer purchasing trends and changes in US inflation.
According to The Kobeissi Letter, core CPI inflation is at its lowest level since March 2021, raising the possibility of further interest rate cuts.
Bitcoin’s Initial Reaction After the CPI Data!
*This is not investment advice.