Bitcoin Price Reacts to US CPI Figures
Bitcoin price was affected by the release of US Consumer Price Index (CPI) data for September.
The CPI showed inflation rising 2.4% year-over-year, slightly higher than the previous forecast of 2.3%.
On a monthly basis, the index rose 0.2% compared to August, beating expectations of 0.1%.
The core CPI, which excludes food and energy, increased 0.3%, while expectations were for 0.2%.
These figures raise the possibility that the Federal Reserve may reconsider its monetary policy, as it may pause interest rate cuts after cutting them for the first time in four years.
Although Fed Chairman Jerome Powell has indicated the possibility of two more rate cuts before the end of the year, the new data could prompt the Fed to change its approach.
Following this data, the price of Bitcoin fell slightly from $61,250 to $60,000, but quickly recovered some of its losses to settle near $61,000.
