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After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s
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Bitcoin (BTC) dropped to two-week lows on June 11 as the week’s Wall Street trading ended with bears in control.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewU.S. inflation print proves setbackData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest since May 28. The
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As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly. During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the U.S. consumer price index (CPI) release. The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not
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Key takeaways: MicroStrategy’s CEO, Michael Saylor, has warned that the US inflation at 8.6% has not peaked. Mr. Saylor offers some hope in that he believes Bitcoin has also not peaked in value. Anthony Pompliano thinks that the US inflation is probably in the double digits. In terms of finding a bottom, Bitcoin could
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The current bout of inflation is transitory, but It’s far better than deflation. Original Source
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Global financial markets once again find themselves trending lower on June 10 after the Consumer Price Index (CPI) came in at a blistering 8.6% year-over-year increase, the highest print since 1981. The hotter-than-expected CPI print resulted in a collapse of the $30,000 support and Bitcoin (BTC) price sold off to a
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AVAX and ALGO both fell by nearly 10% on Friday, following the release of the latest inflation figures in the United States. Data showed that inflation is currently at 8.6%, which is close to a 40-year high. Both AVAX and ALGO moved close to one-week lows on the news. Avalanche (AVAX) AVAX
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Bitcoin has continued to hover around $30,000 for the last few days, but is dropping to $29.449,32 at this time of writing, after the market received
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Summary: Inflation in the U.S reached 8.9% according to the latest CPI report.Bitcoin reacted to the news with a dip in price below the $30K region.Crypto’s leading token remains down from previous highs in correlation with the US stock market.The S&P 500 index is down over 15% since December 2021.Some
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The consumer price index (CPI), the most widely tracked benchmark for inflation, rose 8.6% on a year-over-year basis in May, topping expectations that it would decline to 8.2% from April's 8.3%. The core CPI – which strips out food and energy costs – rose 6% year-over-year in May, dipping from
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