September 29, 2022

BTC rose by $1,000 amid falling inflation

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Market analysts noted that the cost of the Bitcoin (BTC) cryptocurrency increased by $1,000 in just a few minutes, reaching $24,000. According to experts, this was a direct result of the publication of information about the current inflation rate in the United States. This figure dropped to 8.5%.

Market experts stressed that traders instantly reacted to the fact that the consumer price index (CPI) fell after several months of stable growth. The United States government has provided data showing that the inflation rate has begun to fall. The cryptocurrency market, like the stock market, immediately reacted positively to this news.

Analysts recalled: since the beginning of 2022, inflation indicators in the United States have regularly influenced the price of BTC, since cryptocurrency is considered a risky asset. For several consecutive months, the United States government has posted record numbers, the most recent of which was 9.1% 2 weeks ago. It became the highest in the past 40 years. However, due to lower oil prices, the CPI corrected for the first time in a long time.

The inflation rate at around 8.5% for the previous month was 0.2% lower than the predicted figures, and this was the factor in the growth of the BTC rate. Market experts assured: traders should not get hopeful ahead of time, the cryptocurrency may be prone to greater volatility in the following hours.

August 10, 2022, the flagship cryptocurrency was trading at $23,886, which is 2.7% higher than the same figures of the previous day. The capitalization of the virtual asset was $449.54 billion.

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