The US Personal Consumption Expenditure (PCE) Index meets expectations
The United States Personal Consumption Expenditure (PCE) Index has increased by 3.4% year-on-year, which aligns with expectations. The PCE index also surged by 0.4% month-on-month, meeting the anticipated figures. On the other hand, the Core PCE index, which excludes food and energy, experienced a YoY increase of 3.7% and a MoM increase of 0.3%. However, the core PCE inflation is currently near its two-year low.
Bitcoin price reacts to US PCE data
Following the announcement of the US PCE data, Bitcoin (BTC) saw a 0.69% increase in price and is currently trading at $34,154.
Hot Take: Bitcoin reacts positively to US PCE data
The announcement of the US Personal Consumption Expenditure (PCE) data has led to a 0.69% increase in the price of Bitcoin. As the PCE index meets expectations, it indicates a stable economic performance in the United States. This positive reaction from Bitcoin suggests that investors see the current economic conditions as favorable for cryptocurrency investments. It will be interesting to observe how Bitcoin and other cryptocurrencies continue to respond to economic indicators in the future.
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