The leading cryptocurrency Bitcoin (BTC ($86,895.00)) approached $106,000 yesterday after the steps taken by both countries in the US-China trade war.
However, BTC later retreated and fell to $101,000. While Bitcoin recovered to $103,000 during the day, critical inflation data that the FED attaches importance to for its interest rate decision was announced today.
Here is the data disclosed:
Consumer Price Index Annual: Announced 2.3% – Expected 2.4% – Previous 2.4%
Consumer Price Index Monthly: Announced 0.2% – Expected 0.3% – Previous -0.1%
Core Consumer Price Index Annual: Announced 2.8% – Expected 2.8% – Previous 2.8%
Core Consumer Price Index Monthly: Announced 0.2%– Expected 0.3%– Previous 0.1%
The consumer price index is an important variable used to measure consumer purchasing trends and US inflation change. According to The Kobeissi Letter's post, with the March data, core CPI inflation in the US fell below 3.0% for the first time since March 2021.
Bitcoin's First Reaction After CPI Data!
*This is not investment advice.
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