September CPI Numbers in the US Reflect Inflation Increase
When the September Consumer Price Index (CPI) numbers were released, it was expected that there would be a year-over-year increase of 3.6%. The actual figures fell within this range, resulting in minimal price movements for Bitcoin (BTC) and the entire cryptocurrency market. The latest CPI data showed a slight increase in inflation to 3.7%, which is just above the general estimates.
Focus on CPI Data in Traditional Finance and Crypto Industries
On October 12, both the traditional finance sector and the cryptocurrency industry turned their attention to the Consumer Price Index data, including the Core CPI numbers, which provide insights into the inflation rate in the largest economy globally. The September CPI came in at 3.7%, deviating by only 0.1% from previous expectations. Meanwhile, the Core CPI, excluding volatile sectors like food and energy, decreased slightly to 4.1% compared to August’s 4.3%.
No Impact on Bitcoin’s Price Volatility
In the past, announcements of CPI data have historically affected the price of Bitcoin and influenced the entire cryptocurrency market to some extent. However, this trend has not been observed in recent months. Currently, Bitcoin remains relatively stable around $26,800 without significant volatility.
Hot Take: Stable Market Amidst Inflation Concerns
The release of September’s CPI numbers in the United States has confirmed expectations of an increase in inflation. Despite this development, Bitcoin and the wider cryptocurrency market have shown little reaction. This suggests that market participants may currently be less influenced by CPI data when it comes to making decisions about cryptocurrencies. As a result, traders and investors seem to be focusing on other factors or indicators rather than inflationary pressures. It remains to be seen whether this trend will continue in the future or if Bitcoin’s price volatility will once again be impacted by CPI announcements.
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