Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year
Bitcoin price recovered to within $45k after sliding below $44k as analysts indicated probable swings for the flagship cryptocurrency. The release of US inflation rates seems to have had no effect on the king cryptocurrency. Bitcoin’s price rose past a crucial barrier overnight Wednesday, reaching $45,300, before falling as the broader market dipped in early trades after US markets opened. Bitcoin Unaffected By Inflation Rates Over the last 24 hours, BTC/USD has moved in a range of $43,402.81 – $45,398.91, exhibiting high volatility. Trading volume has climbed by 16.21% to $28.8....
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Inflation data shows a 106% increase in fuel oil year-over-year with an unexpected 40-year high Consumer Price Index report of 8.6% as bitcoin dips to $29,500.
As the U.S. inflation data dropped, individuals in the crypto space shared their quotes, jokes and excitement while raising the Bitcoin banner. The recent news on U.S. dollar inflation spurred a series of reactions from the crypto community, noting that the event should push people toward Bitcoin (BTC). Comments from the crypto community championed Bitcoin as a powerful hedge against U.S. dollar inflation.The US Bureau of Labor Statistics recently reported a 7.5 percent increase in the all items section of the consumer price index (CPI), the most commonly used indicator for inflation.....
CPI inflation data reached a 40-year high of 9.1% in June with the largest price increases occurring in the energy sector, seeing fuel and oil rising almost 100%.
After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) reflected a 9.1% year-over-year increase, July’s CPI data has come in lower with a year-over-year increase of 8.5%. Economists polled by media publications estimated that July’s CPI data would print 8.7%, however, July’s core CPI, the government’s broadest measure of inflation, remained the same as June. CPI Report Shows Inflation in the US May Have Peaked, Stocks, Cryptos, and Precious Metals Jump Higher The Dow Jones....