US Inflation Data Announced: Here's Bitcoin's Reaction!
Bitcoin (BTC) started to rise after the US Consumer Price Index (CPI) came in below expectations.
US June inflation was recently announced as 3% on an annual basis, below the expectations of 3.1%.
As the data came in below expectations, the dollar index (DXY) moved downwards, while an increase was observed in Bitcoin close to $ 1,200.
The data in question caused signs of relief in all global markets, including Bitcoin and cryptocurrencies.
Bitcoin, which was traded at $ 58,420 just before the US inflation was announced, rose to $ 59,644 with the data. While the movement affected the entire cryptocurrency market, Ethereum (ETH) reached up to $ 3,210.
According to CoinGecko data, Bitcoin is traded at $59,087 and Ethereum at $3,184 at the time of writing.
Inflation in the USA increased consecutively in June and July last year, but started to decline again. Since then, inflation has been decreasing gradually and expectations for interest rate cuts are increasing.
It is thought that the US Federal Reserve (FED) will reduce its interest rate decisions by 25 basis points at least once this year, unless there is a major increase in the inflation rate.
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