Bitcoin and Crypto Take Off As US Inflation Slows and Bulls Take Charge
Bitcoin and other cryptocurrencies have been rapidly gaining traction as the US inflation rate reaches its highest level in decades. The rise of Bitcoin has been credited to the increasing demand from institutional investors, with many believing it to be a better store of value compared to traditional fiat currencies.
Furthermore, crypto bulls are driving the market higher with their optimistic outlook on the future of digital assets. With its increasing adoption, Bitcoin and other cryptocurrencies may soon become a viable alternative to traditional currency systems.
Today, the financial markets are anticipating the Bureau of Labor Statistics' US CPI figures at 13:30 GMT.
The US CPI figures can have a significant impact on the price of crypto assets. Typically, a large deviation in CPI figures causes massive price movement in the cryptocurrency market. With this in mind, it is important for crypto investors to understand how changes in CPI can affect their investments and how to manage their portfolios accordingly. So, let's look at what CPI is and what we can expect from it.
The US Consumer Price Index (CPI) is an economic indicator that measures the average change in prices over time for a basket of goods and services. It is used to measure the inflation rate in the United States, as well as to assess changes in purchasing power.
The CPI calculation takes into account a variety of factors such as changes in prices for food, housing, transportation, medical care, and other items. By tracking the CPI numbers over time, economists can identify trends in consumer spending habits and make predictions about future inflation rates.
Understanding how the US CPI works is essential for making informed decisions about investments
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