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Bitcoin jumps by $ 500 because the US CPI is 5 % for March 2023
The initial expectations for the VPI numbers for March showed a decline in inflation rates to 5.2 %. In reality, the third month of the year recorded an increase of 5 %, as the consumer price index shows. At the same time, the core CPI, which excludes volatile niches such as food and energy, would be between 5.5 % and 5.6 % somewhere. At 5.6 %, the core VPI even fulfilled expectations. The CPI for February was 6 %, which is a decline compared to January. However, a decline of another 1 % immediately affected the price of Bitcoin. The cryptocurrency ...
Bitcoin jumps by $ 500 because the US CPI is 5 % for March 2023
The initial expectations for the VPI numbers for March showed a decline in inflation rates to 5.2 %.
In reality, the third month of the year recorded an increase of 5 %, as the consumer price index shows.
- At the same time, the core CPI, which excludes volatile niches such as food and energy, would be between 5.5 % and 5.6 % somewhere.
- The core VPI even met expectations at 5.6 %.
- The CPI for February was 6 %, which is a decline compared to January. However, a decline of another 1 % immediately affected the price of Bitcoin.
- The cryptocurrency shot up by almost $ 500 after the numbers were released. As already reported, Bitcoin was calm at $ 30,000, but jumped to $ 30,500
btcusd. Tradinview
- Since BTC is regarded as a risky asset, short-term price development correlates sharply with the CPI data.
- For the number of inflation determines the monetary policy of the US Federal Reserve and whether it continues to drive the key interest rates.
- The declining inflation in the year shows that the measures of the Fed have an effect and the central bank could soon begin to reverse its strategy.
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