Bitcoin Reacts To New Inflation Data
The cryptocurrency market is experiencing volatility amid US macroeconomic data that exceeded expectations.
Core inflation began to slow in August, according to the US Bureau of Labour Statistics. The Consumer Price Index, which is a measure of inflation, rose 3.7% last month. This rate was expected. Core inflation for the year fell to 4.3%, suggesting that the Fed's policy of raising interest rates has begun to pay off. Many are speculating that this data will force the Fed to change its policy and pause rate hikes.
Meanwhile, the cryptocurrency market immediately reacted to the inflation data. The major cryptocurrency saw a rise to $26,000 right after the report was released. At the time of writing, Bitcoin is up 1.08% to $26,119.
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