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The United States government just released the latest CPI data, indicating that inflation has finally begun to ease following several consecutive months with record-setting numbers.<\/p>\n
As with previous examples, the price of bitcoin reacted almost immediately with a surge towards $24,000.<\/p>\n
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- Ever since the start of the year, the inflation numbers from the US have impacted<\/a> BTC’s price since the cryptocurrency is considered a widely riskier asset.<\/li>\n
- For several consecutive months, the US had to announce record-breaking inflation percentages, with the latest in July being at 9.1% – the highest in over 40 years.<\/li>\n
- However, due to the declining oil prices, expectations<\/a> were that the Consumer Price Index will be lower in July for the first time in a while.<\/li>\n
- Minutes ago, the US indeed outlined<\/a> a lower inflation number of 8.5% for the previous month, which was 0.2% less than what most predictions envisioned.<\/li>\n
- As with previous examples, BTC reacted immediately and soared by almost $1,000 to just under $24,000. However, the cryptocurrency could be inclined to more volatility in the following hours, history shows.<\/li>\n
- The price increase could be related to investors’ general approach to the asset class since the CPI numbers give a broad suggestion of what the US Federal Reserve could do in the next meeting in September.<\/li>\n<\/ul>\n
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