Good evening, the data is out tonight
The market widely expects that the CPI annual rate in October will rise by 2.6% year-on-year, an increase of 0.2 percentage points from 2.4% in the previous month; the month-on-month rate is 0.2%, the same as the previous value. The year-on-year and month-on-month growth rates of core CPI remain stable at 3.3% and 0.3% respectively.
The impact of CPI data on the cryptocurrency market, especially on Bitcoin (BTC), cannot be underestimated. If the CPI data to be released is higher than expected, it is very likely to cause a short-term correction in the price of Bitcoin.
In this case, investors will re-examine the value of Bitcoin as a safe-haven asset, which is particularly prominent when the Federal Reserve may adjust the pace of interest rate cuts. Therefore, the release of CPI data will have a crucial impact on the short-term trend of the Bitcoin market.
On the contrary, if the CPI data is lower than expected, the expectation of interest rate cuts will be further enhanced, thereby enhancing the attractiveness of Bitcoin and driving its price up.
