Claim BonusCrypto Market Gives Mixed Reaction To December CPI Inflation Data
December inflation data release: The CPI data for December came in on the expected lines, with inflation rising by 6.5%. The US Bureau of Labor Statistics released the Consumer Price Index (CPI) data for December. The crypto market was slightly on the bullish side with most assets in green in the minutes leading to the data release. The CPI index for the month of November stood at 7.10%.
Also Read: What To Do During A Bitcoin Bear Market? – 5 Things You Should Know
As of writing, the Bitcoin (BTC) price stands at $18221.71, up 4.61% in the last 24 hours, according to CoinGape price tracker. However, in the last one hour, BTC price is down by around 0.31%, after initially showing a price spike immediately after the data release. Similarly, the Ethereum (ETH) price is down by just 0.16% in reaction to the CPI inflation data release. However, the stock markets are upbeat with the news of inflation cooling down. Reacting to this, the Nasdaq Composite Index is up by 1.76% today.
Good For Crypto Market In Long Term
The Consumer Price Index is a key indicator that measures price change over a period of time. The index data is used by the US Fed to decide the rate of interest rise. The decrease in inflation is important for the economy in many fronts. The 6.50% year-on-year inflation rise is the lowest such rise in the US since October 2021. Although the crypto market had a knee jerk reaction of price decline to the CPI data, the co0ling down of inflation could be beneficial from traders’ perspective.
Lowering inflation means that the average crypto trader has to spend lesser expenses for living costs. Hence, this means the traders will be able to save money for potential investment options like crypto.
Also Read: Ethereum (ETH) Leads Altcoin Rally With Shark Addresses Accumulating
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
