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Highlights
- The US CPI cools to 2.4% in September but topped market expectations of 2.3%.
- The hotter-than-anticipated inflation data has also fueled concerns over a potential Bitcoin price dip to $60K.
- Bitcoin price fell following the US CPI inflation data, indicating growing market concerns.
The latest US Consumer Price Index (CPI) data showed that the inflation stayed at 0.2% in September, up from what the market was expecting. Notably, the higher-than-anticipated inflation level has fueled market concerns, which is likely to send Bitcoin price below $60K soon. Besides, this development, after the gloomy US Job data, has cemented bets over a potential hawkish stance by the Federal Reserve at their upcoming meeting.
US CPI Cools To 2.4% In September.
According to the latest Labor Depart Department data, the US CPI came in at 0.2% on a monthly basis, unchanged from the August and July levels. On a yearly basis, the inflation has cooled to 2.4% in September, down from 2.5% noted last month and up from the market expectations of 2.3%. However, despite the hotter-than-anticipated figures, the yearly surge in September marks the smallest gain since February 2021.
Simultaneously, the Core CPI rose 0.3% in the prior month, noting no change from the last month’s number. Simultaneously, on a 12-month basis, the Core CPI, which excludes food and energy prices, rises to 3.3% from 3.2% in the prior month.
Meanwhile, this set of data has sparked discussions in the broader crypto market over its potential impact on Bitcoin price and other top altcoins. Simultaneously, it also comes just after the latest gloomy US job data has dampened investors’ sentiment.
Bitcoin Price To Hit $60k?
After the US CPI release, BTC price was down 1.3% and crossed the brief $61K mark, after touching a low of $60,314.22 in the last 24 hours. Its trading volume rose over 6% to $28.40 billion at the same time. Notably, it has sparked widespread discussion if BTC could dip to $60K ahead.
However, the latest hotter-than-anticipated inflation data appears to have weighed on the investors’ sentiment, as evidenced by a broader crypto market selloff. Besides, the market is now anticipating an 84% probability of a 25 bps Fed rate cut at the central bank’s November meeting.
The bets over a smaller Fed rate cut from the previous 50 bps prediction have also fueled investors’ concerns. Besides, it could potentially weigh on the global financial sector, let alone the crypto market.
Meanwhile, the latest inflation data has also sent the US 10-year Bond Yield high to 4.073. On the other hand, the US Dollar Index fell 0.10% to $102.595.
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