Bitcoin Price Dumps to 9-Day Low on Higher-Than-Expected US CPI Data
The United States Bureau of Labor Statistics released the highly-anticipated Consumer Price Index data for the first month of the year, indicating a year-over-year increase of 3%, which is higher than expectations.
Somewhat expected, BTCs price reacted with an immediate price drop that drove it south by around two grand within minutes.
*US JAN. CONSUMER PRICES RISE 0.5% M/M; EST. +0.3%
*US JAN. CONSUMER PRICES RISE 3% Y/Y; EST. +2.9%
*US JAN. CORE CPI RISES 0.4% M/M; EST. +0.3%
*US JAN. CORE CPI RISES 3.3% Y/Y; EST. +3.1%
*Walter Bloomberg (@DeItaone) February 12, 2025
The data for December, reported in mid-January, suggested a more positive look in terms of overall inflation rates within the US year-over-year. However, the numbers for January defy that belief as all measured data shows bigger figures than the anticipated ones.
The Core CPI, which excludes more volatile sectors such as food and energy, is up by 3.3%, while the estimations were at 3.1%. The regular CPI has increased by 3% YoY instead of 2.9%.
BTCs price reacted immediately to this data with a sharp price fall of nearly two grand. The asset had climbed to $96,500 ahead of the announcement but slumped to $94,500 (as of now). This became its lowest price position since the early February crash when it dumped below $92,000.
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