Bitcoin Recovers To $18,000 As US Inflation Remains Low In November
On the evening of December 13, the United States revealed November CPI numbers, a measure of inflation in the world’s largest economy, causing a good recovery in the cryptocurrency market, which creates a slight volatility to Bitcoin.
The monthly US Consumer Price Index (CPI) releases were a regular source of news in the crypto market during 2022. CPI is a measure of US inflation, which has reached its highest level in three to four decades since the middle of this year.
As a result, the US CPI in November 2022 was only 7.1% higher than the same period last year, down from 7.7% in October and lower than the 7.3% expected by financial analysts.
This is the fifth month in a row that the US inflation rate has declined when compared to the prior year.
At the same time, the difference in CPI Core (excluding volatile items like food and energy) between November 2021 and November 2022 fell to 6% from 6.3% the previous month.
The price of Bitcoin (BTC) increased 4.83% in 24 hours to $17,866, the greatest value threshold since November 9, when the FTX market began to expose itself a liquidity issue.
The market’s major altcoins all recovered by 4-6%.
The most recent 4-hour liquidation rate was approximately $90 million, with Bitcoin (BTC) and Ethereum (ETH) accounting for the majority. In such case, more than 94% of the orders burned were short orders.
The US Federal Reserve (Fed) will then issue the last interest rate change for 2022 at dawn on December 15. Previously, there were many indications that the Fed will ease up on raising interest rates following a 2022 report, allowing the index to reach its best level since the 2008 financial crisis, but nothing is definite.
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