Bitcoin Price Prediction as US Inflation Rate Data is Announced – Will BTC Start Moving Up Now?
As the US inflation rate data has been released, the crypto community is eagerly awaiting the impact on the Bitcoin market.
With the current state of the global economy, investors have turned to Bitcoin as a hedge against inflation.
The announcement of the inflation rate is expected to have a significant effect on Bitcoin's price.
In this Bitcoin price prediction, we will examine the potential influence of the inflation rate on Bitcoin's price and make predictions about whether the cryptocurrency will begin to rise.
The US Consumer Price Index (CPI) figures for May have been released, showing a monthly increase of 0.4% in both the overall CPI and the core CPI, which excludes food and energy prices.
On a year-over-year basis, the overall CPI rose by 5.0%, while the core CPI increased by 4.0%.
These numbers were in line with expectations and indicate that inflation is still a concern in the United States.
As a result, investors and analysts are closely watching the impact of these figures on the US dollar and the cryptocurrency market, particularly Bitcoin.
The cryptocurrency market experienced a sudden dump as a result of Fear, Uncertainty, and Doubt (FUD) surrounding the alleged selling of US government-held cryptocurrency wallets.
The rumor caused panic among investors, leading to a significant sell-off in the market.
Although the rumors were ultimately proven to be false, the damage had already been done, with many traders losing money due to the FUD-induced market crash.
Recently, there have been reports that wallets linked to the United States government law enforcement seizures, including those from the notorious Silk Road marketplace, have been transferring Bitcoin.
This has raised concerns that the US government may
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