Bitcoin, Ethereum Skyrockets As CPI Data Shows Cooling Economy

Since the announcement, Bitcoin (BTC) prices have surged by around 3%. BTC breached the crucial $24k price level.
By Ashish Kumar
bitcoin price prediction 2023

U.S. Bureau of Labor Statistics issued the most awaited Consumer Price Index (CPI) data for the month of July. The positive CPI data has left the biggest crypto green. Bitcoin (BTC) and Ethereum (EHT) both have jumped by over 3%.

Advertisement
Advertisement

Bitcoin surges over positive CPI

The price that customers pay for goods and services rose 8.5% in July from a year ago. The latest data forms to be less than the expected rate. This signals a slowdown in the rising prices over the past month which was directly impacted by the gasoline price.

Since the announcement, Bitcoin (BTC) prices have surged by around 3%. BTC breached the crucial $24k price level. Bitcoin is trading at an average price of $24,097, at the press time. However, BTC’s 24 hour trading volume has jumped by 13% to stand at $28.1 billion.

However, the second largest crypto, Ethereum (ETH) jumped by a whopping 6% after the release of positive CPI data. ETH is trading at an average price of $1,822, at the press time. ETH’s 24 hour trading volume surged by more than 25% to stand at $20.7 billion.

Advertisement
Advertisement

Food index records fastest growth since 1079

According to the report, prices were flat on a monthly basis as the energy price broadly dropped to 4.6%. However, The oil price dropped 7.7%. This has balanced an over 1.1% monthly gain in food prices. While a 0.5% increase has been registered in shelter costs.

As per a survey conducted by Dow Jones stated the expected CPI to increase by 8.7% on annual basis. While it is expected to rise by 0.2% monthly. Keeping food and energy prices apart, the core inflation jumped by 5.9% annually. While it grew by around 0.3% monthly in comparison to estimates.

A report mentioned that the food index surge is a surge of 10.9% over 12 months. It is the fastest growth since May 1979.

Advertisement
Ashish Kumar
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.