US dollar inflation rose to 2.6% in October after falling for 8 months from 3.5% in March, lagging Bitcoin’s bear market over the same period. Are stocks and BTC about to re-couple?
The trailing 12-month percentage change for all items in the Consumer Price Index (CPI) fell to 2.6% in October, according to the latest US Bureau of Labor Statistics data out Wednesday.
That may signal the beginning of a bull market in dollar-denominated assets across the board as the economy roars into 2025. The CPI measures the rate of gain or loss in dollar purchasing power over time. A higher CPI means prices for the typical basket of consumer goods are going up.
From March through September, the CPI fell steadily, prompting the US central bank to cut rates in September. After that, Bitcoin’s price began to rise through October, as well as Wall Street stocks.
US stock benchmarks like the S&P 500 Index set new all-time high records this month and last. After the US election held on Nov. 5, Bitcoin rocketed to a fresh peak. The largest digital asset marked a new all time high above $93,000 on Wednesday.