Bitcoin price falls under $29.5K after 'unexpected' 40-year high US inflation
The ghost of the highest inflation since 1981 gets traders pricing in three more 0.5% rate hikes by October. Bitcoin (BTC) fell sharply on June 10 after surprisingly high inflation data from the United States rattled markets before the Wall Street open.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader: Bitcoin will be "painful" if $29,300 fails to holdData from Cointelegraph Markets Pro and TradingView tracked a $600 dive for BTC/USD as May's Consumer Price Index (CPI) figures hit.Despite hopes that the worst of the inflationary period was over, May's CPI print came in at....
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CPI inflation data exceeded market expectations, maintaining a near 40-year high of 8.3% as bitcoin falls below its $30,000 line of support.
Inflation data shows a 106% increase in fuel oil year-over-year with an unexpected 40-year high Consumer Price Index report of 8.6% as bitcoin dips to $29,500.
CPI inflation data reached a 40-year high of 9.1% in June with the largest price increases occurring in the energy sector, seeing fuel and oil rising almost 100%.
It's grim news for economists and a bittersweet advertisement for Bitcoin this week after the latest CPI report. Bitcoin (BTC) gained more free publicity this week as inflation data showed that prices are rising faster than even experts had anticipated.The latest Consumer Price Index (CPI) report on June 10 from the United States Bureau of Labor Statistics (BLS) also revealed that hourly average earnings for United States workers are at their lowest this century.Inflation returns to 2008 levelsOne of Bitcoin's best friends is inflation. Its inherently deflationary nature allows its users....
Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”
February’s CPI Data Jumps to 7.9%, US Stocks Suffer
In the U.S., there’s been a significant increase in the prices of goods and services in the American....