Bitcoin Soars To $18,000 Before December 2022 CPI Results

Key Points:

• Bitcoin (BTC) has crossed the $18,000 mark ahead of the December 2022 US CPI announcement.
• The whole market witnessed a strong recovery.
• Experts expect that the inflation rate will continue to fall to 6.5% after announcing the December CPI results.

Ahead of the release of the results of the inflation gauge, the US CPI, Bitcoin, and the entire electronic filling market are all positive recording signs.

The consumer price index (CPI) is a gauge of an economy’s inflation. The US CPI releases have consistently influenced the volatility of cryptocurrencies in 2022 since it is thought to have a direct bearing on the US Federal Reserve’s choices about interest rate adjustments (Fed). The US stock market and the cryptocurrency sector were badly impacted by the Fed’s decision to raise interest rates from 0.25% to 4.5% in 2022 due to the ongoing rise in inflation.

The consumer price inflation rate in the US eased for a fifth straight month to 7.1% in November 2022, the lowest since December 2022 and below market expectations of 7.3%. Still, the latest reading remained well above the US Federal Reserve’s 2% target. On a monthly basis, the non-seasonally adjusted CPI edged down 0.1% to 297.711 points, while the seasonally adjusted index was up 0.1%, the least in three months and also below consensus of 0.3%. According to the most recent CPI report for December 2022, experts predict inflation will continue to decline to 6,5%.

If this happens, the Fed will certainly be pressured to slow down the pace of interest rate hikes, although the agency, in its latest report, still set expectations for further rate hikes in 2023 with a full-year target of 5.1%.

In the face of market optimism, Bitcoin (BTC) surged to $18,297, the highest value threshold reached by the world’s leading cryptocurrency since December 15, 2022, when the market reacted positively before the news that the Fed cooled down the interest rate hike. Compared to the opening price of 2023 at $16,541, BTC has now gained over 10.6%.

The second largest coin in the market, Ethereum (ETH), has also returned to the $1,418 mark, up 11.4% in the last three days.

Even so, most other large-cap altcoins have only slightly moved up, showing that attention is still focused on BTC and ETH.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News