Monday, May 29, 2023

US inflation disappoints and bitcoin reacts less

Key Facts:
  • The inflation rate for September stood at 8.2%, higher than economists expected.

  • Bitcoin fell to $18,100 after the announcement of inflation.

To start the day on October 13th, the price of bitcoin fell due to anticipating inflation reports for the month of September in the United States. The price jumped from $19,112 to $18,676 in a matter of hours, down by 2.28%.

The September inflation report was released at 8:30 am (Eastern Time) and came in at 8.2%, 0.1% lower than August. Bitcoin, which had been falling since the early hours of this Thursday, fell a bit further: it reached the level of $18,140 after announcement, then to oscillate in a narrow band around USD 18,400. At the time of writing, bitcoin is trading at $18,407.

Bitcoin fell to $18,000, a level it has not seen since September 22. Source: TradingView

The Consumer Price Index, or CPI, peaked at 9.1% last June, though it later fell to 8.5% and 8.3% in July and August, respectively. Investors were cautious about inflation figures To decide in the September market.

A fall in inflation does not necessarily represent a boost to the markets. Last month, markets, including bitcoin, were down, despite a 0.2% drop in the price index, as economists expected lower inflation.

Amid the opinion of economists and analysts, reflected on this Wednesday the 12th by Cryptonoticius, there was a consensus that inflation would continue to decline, with an expectation of 8.1%. Now that Report shows fall in inflation small As expected, the market reacted negatively.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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