Bitcoin stays its course below $27,000 despite wavering U.S inflation

exchange68September 12, 2024

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Quick Take

The latest U.S. Consumer Price Index (CPI) data reflects a nuanced picture, with Month-over-Month figures surpassing the consensus by 0.1%.

The numbers portray a subtly mixed economic landscape with a year-over-year inflation rate slightly surpassing consensus figures at 3.7% and core inflation undershooting expectations by 0.2% to settle at 4.1%.

Interestingly, the crypto market, often seen as a barometer for economic volatility, showed unexpected stability. Bitcoin, the leading digital asset, remained mostly stationary, hovering below the $27,000 mark following the immediate release of the CPI data.

US CPI data: (Source: Trading Economics)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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