Here’s why Bitcoin traders shouldn’t overanalyze US inflation data
Analysts say record high inflation in the United States is impacting crypto market momentum, but is the impact of the data overstated to the detriment of investors? Analysts and pundits will scramble to find some angle to explain intra-day price action whenever important economic numbers are published and this practice is commonplace in the crypto sector. When the United States Bureau of Labor Statistics reported a 7.5% increase in the Consumer Price Index (CPI) on Feb. 10, traders rushed to find some connection to the crypto price action. However, historical correlation data shows....
Related News
One of bitcoin’s main selling points has been the fact that its return has often put it ahead of the inflation rate. Due to this, it has gained notoriety as the “digital gold” as a good portion of the community put forward that the digital asset is a better inflation hedge than any asset. However, […]
Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash. Inflation Is The Culprit Taking to Twitter, Cardano founder Charles Hoskinson explained that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the....
Inflation continues to remain hot in the United States as supply constraints and higher oil prices continue, seeing barrels of crude surge above $80 per unit. Meanwhile, data released on Friday indicates that consumer expenditures have risen to 4.4%, the highest run-up of inflation the country has seen in 30 years.
Inflation Continues to Rise in US
Americans are dealing with higher inflation levels these days as new data indicates that personal consumption expenditures have spiked in September to 4.4%. Reuters reports that the inflation run-up is “continuing a run of....
The current US inflation data has thrown a great tantrum and panic within several market sectors. Different expectations and reactions are surfacing following reports of the inflation data. It seems to be a fact that even the crypto space now receives impacts from inflations and other macroeconomic factors. With reports from the US Bureau of Labor Statistics, different markets are loaded with diverse opinions. However, according to the released data, there’s been an increase of 9.1% in the consumer price index since June last year. This value is more than predictions from some....
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 inflation data reached another lifetime high. CPI Data From May Shows Inflation Has Not Peaked The U.S. economy doesn’t look so hot these days and after shutting down the economy over a respiratory virus and printing trillions of dollars in stimulus, it....