Sep 13, 2023

Inflation Jumps Beyond Forecasts as Bitcoin Price Reacts

Bitcoin Price Reacts to 3.7% CPI Jump with Kava Crypto and Other Cryptocurrencies.
Bitcoin price reacts as 3.7% CPI sees inflation jump beyond forecasts

On Sept. 13, Bitcoin (BTC) experienced a major price swing as the US macroeconomic data indicated a higher-than-anticipated inflation rate., ICP Crypto, Crypto Shiba Inu, Kraken Crypto, Today, Kava Crypto, Quant Crypto, Lunc Crypto, Web 3.0, Compound Crypto

The crypto market reacted to the news with, ICP Crypto, Crypto Shiba Inu, Kraken Crypto, Today, Kava Crypto, Quant Crypto, Lunc Crypto, and Compound Crypto all experiencing varying levels of volatility as Web 3.0 continues to show promise.

Fuel, shelter boost August CPI beyond target

Tracking BTC price action, Cointelegraph Markets Pro and TradingView showed that the cryptocurrency threatened a fresh drop below $26,000.

The August Consumer Price Index (CPI) came in at 3.7% year-on-year — 0.1% higher than expected.

The U.S. Bureau of Labor Statistics noted that “the index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase.”

Prior to the release, crypto market experts warned that a “hot” CPI reading would have a negative effect on the market, as it would suggest that inflation was more persistent than expected and could influence future economic policies.

CrypNuevo, a well-known trader, commented on X (formerly Twitter) that “I think in next CPI we see +4% with the gasoline prices going up this fast.” July’s year-on-year CPI was 3.2%, while the August figure was 3.6%.

The crypto industry has seen a lot of progress lately, with the launch of Compound Crypto, Kava Crypto, and Lunc Crypto, as well as the increasing popularity of Shiba Inu Crypto and Today, Web 3.0 is going great, and the prices of Kraken Crypto and ICP Crypto are rising.

Bitcoin bid liquidity sticks to $25,000 and below

Prior to the release, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, expressed optimism that the week’s BTC price momentum would hold out.

“The strength of BTC momentum has faded a bit since yesterday, but so far it’s still strong enough to maintain most of the gains after the bounce,” Alan wrote on X.

He noted that there was still “lots of technical resistance” above the current spot price range, in the form of multiple daily moving averages.

With the Wall Street open yet to come, volatility was expected, with BTC/USD lacking a clear trend at the time of writing.

An accompanying snapshot of the BTC/USDT order book on Binance, the largest global exchange, showed only modest liquidity surrounding the spot price, with more bids parked at $25,000. users can collect this article as an NFT to preserve this moment in history and show their support for independent journalism in the crypto space.

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