Bitcoin Bulls Hope for Positive CPI Report as Rate Cut Expectations Rise

By Cora Skindell Aug 7, 202356Views

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Bitcoin Bulls Hope for Positive Inflation Report

Economists forecast a 0.2% increase in the July Consumer Price Index (CPI) report.
Year-over-year growth is expected to be 3.3%, up from 3% in June.
Core CPI, which excludes food and energy costs, is predicted to increase by 0.2% in July.
The annual core CPI pace is expected to slip to 4.7% from 4.8%.
Bitcoin’s price decline in 2022 was partly due to the U.S. Federal Reserve tightening monetary policy.

The Impact on Bitcoin

Market expectations are already pricing in no more rate hikes from the Fed this year and have even begun anticipating rate cuts in 2024. Bitcoin’s price crash in 2022 was influenced by the tightening of monetary policy, and the slowing or end of that tightening has contributed to the cryptocurrency’s modest recovery. While a positive CPI report may reinforce this trend, a negative surprise could lead to concerns about higher interest rates and potentially lower bitcoin prices.

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Cora Skindell

Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora's insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content. Cora's contributions serve as a valuable compass for both seasoned and novice individuals seeking to navigate the dynamic landscape of cryptocurrencies. With a keen eye for detail and a commitment to accuracy, she empowers informed decision-making in the ever-evolving crypto space.