Dollar

bullish

Bitcoin

Impact

<p>The much-awaited U.S. Consumer Price Index (CPI) report for October is released today at 13:30 GMT by the Bureau of Labor Statistics (BLS). This report holds significant implications for the Federal Reserve's (Fed) monetary policy outlook and the value of the U.S. Dollar (USD).&nbsp;</p>   
<p>Economists surveyed by FactSet anticipated a 2.5% year-over-year increase in consumer prices, slightly above September’s 2.4% figure, while core inflation was expected to remain steady at 3.3% YoY. The monthly CPI and core CPI were forecasted to rise 0.2% and 0.3%, respectively, matching last month’s pace. However, the&nbsp;numbers now stand at 2.6%.</p>   
<h2 class="wp-block-heading" id="h-potential-impact-on-fed-policy-and-the-us-dollar"><strong>Potential Impact on Fed Policy and the US Dollar</strong></h2>   
<p>The CPI data release could determine the market sentiments and expectations regarding the Federal Reserve’s next moves. The inflation print might lead to the reduction of the market expecting a December rate cut. </p>   
<h2 class="wp-block-heading" id="h-where-does-bitcoin-stand-now"><strong>Where Does Bitcoin Stand Now?</strong></h2>   
<p>Bitcoin price at the time of press is changing hands at $88,834.28 with a 24-hour change of 3.18%. Bitcoin saw a change of -36.56% in its trading volume, which took the numbers to $99.62 billion. Successively, its market capitalization is currently at $1.75 Trillion.</p>   
<h2 class="wp-block-heading" id="h-what-to-expect-from-the-crypto-market-next"><strong>What to Expect from the Crypto Market Next?</strong></h2>   
<p>The market's reaction to today’s inflation figures will be critical. The softer print could trigger some volatility before a bullish momentum in Bitcoin and other major cryptocurrencies, driven by expectations of an easing cycle by the Fed and a weakened USD. </p>   
<h2 class="wp-block-heading" id="h-conclusion-prepare-for-volatility"><strong>Conclusion: Prepare for Volatility</strong></h2>   
<p>Bitcoin's 30-day implied volatility has increased to 90%, indicating that big price swings could occur following today's data release. Traders and investors should brace themselves for more market activity, as CPI numbers have the potential to impact the economic and cryptocurrency environment in the coming months.</p>

US CPI Data Released: With a 2.6% Increase, This Is How Bitcoin and Crypto Market Could React!

Table of Contents

CoinPedia News

Other articles published on Nov 13, 2024

3 Best Altcoins to Buy in November 2024 as Trump and Elon Take Charge of White House

Crypto’s Rising Stars—Why Analysts Are Betting Big on These 3 Newcomers

Bitcoin Hits All-Time High of $75,000 Amid U.S. Election Buzz

Binance Research Uncovers Explosive Rise of AI Crypto Agents: GOAT Token Soars 743%

Chinese national admits to laundering crypto scam loot via US companies

Bitwise acquires Ethereum staking provider Attestant with $3.7b in AUM

Join our free newsletter for daily crypto updates!