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Breaking: US CPI Inflation Comes In At 3.2%, Bitcoin And Ethereum Price To Rally?

US CPI inflation comes in at 3.2%, against the expected 3.3%. Bitcoin and Ethereum prices remain under pressure but traders are hopeful.
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Breaking: US CPI Inflation Comes In At 3.2%, Bitcoin And Ethereum Price To Rally?

The annual CPI inflation for the month of July comes in at 3.2% against market expectations of 3.3%, according to the U.S. Bureau of Labor Statistics. In addition, the Core CPI inflation comes in at 4.7% against market expectation of 4.8%, with the monthly rate also remaining at 0.2%.

The annual inflation data coming in hotter than last month’s 3% gives room for the US Federal Reserve to remain hawkish. The stock and crypto markets will have to wait a few more months for a pivot.

JP Morgan predicted a CPI inflation of 3.4%. Whereas, other Wall Street giants such as Goldman Sachs, Barclays, HSBC, and UBS estimated 3.2%. BMO, Bloomberg, Citigroup, Credit Suisse, Morgan Stanley, and Visa forecasted inflation to come in line at 3.3%.

The headline inflation falling below 3% could have brought further upside move in the stocks and crypto markets. In fact, the CME FedWatchTool now shows more than 90% probability of the Fed keeping the Federal target rate steady at the upcoming Federal Open Market Committee (FOMC) meeting in September 2023. The US Dollar Index (DXY) fell 0.63% to 101.78 and expect to continue falling.

Read More: Bitcoin Price Prediction – A Risky Run-Up To Key US CPI Data?

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Bitcoin and Ethereum Price to Fall After CPI?

Traders are looking for Bitcoin and Ethereum to surpass key psychological levels of $30k and $2000, respectively. However, crypto prices continue to remain under pressure.

BTC price fell more than 1% in the last 24 hours, with the price currently trading near $29,500. With inflation coming in less than expected a small uptick is expected. Analysts expect BTC price to rise to an earlier expected level of $35k, but volatility can be expected.

Meanwhile, Ethereum price is trading above $1850, down 0.5% in the past 24 hours. Bitcoin and Ethereum trading volume remains low for weeks amid a lack of volatility.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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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.
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