Bitcoin Surges to $64,000 in Response to US CPI Inflation Data

By: Isha Das

US CPI Inflation Data in Sync with Market Predictions

Recent data from Trading Economics demonstrates that the much-awaited US Consumer Price Index (CPI) inflation figures are in alignment with the market expectations, witnessing a slight fall from the previous results. The long-anticipated headline inflation year-on-year has been recorded at 3.4%, precisely as predicted. Core inflation year-on-year also concurred with the forecasts at 3.6%.

Although the monthly figures had a minor variation, the general scenario aligns with the estimations. The rate of inflation month-to-month was 0.3%, slightly below the expected 0.4%. Retail sales month-over-month remained stagnant at 0%, indicating a notable drop.

Following the inflation data which suggested a stable economic environment, Bitcoin demonstrated a positive reaction, soaring to $64,000 before a minor retrace.