Bitcoin Sees Decline Following Higher Core CPI Data
Wednesday, 11 September 2024, 09:06
Bitcoin's Response to Core CPI Data
The recent Consumer Price Index (CPI) report has caused significant turbulence in the cryptocurrency market. Bitcoin falls as inflation data shows higher-than-expected core CPI, leading to a dip of around 1% to approximately $56,480.
Impact on Market Expectations
- Major cryptocurrencies fell following the CPI report.
- This situation may influence the Federal Reserve's decisions regarding interest rates.
- Bitcoin remains 23.4% short of its record high of $73,798.
Year-To-Date Performance
Despite the recent dip, Bitcoin is still enjoying a strong performance this year, with a notable increase of 34% so far.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.