Spike

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<ul class="wp-block-list">
 <li>The US CPI data for October expected to report a 2.6% inflation spike, up from 2.4% in September.</li>
 <li>The anticipation of higher inflation causes a 1.15% dip in the global crypto market, dropping to $2.91 trillion.</li>
</ul>
The U.S. Consumer Price Index (CPI) data for October is set to be released today at 8:30 a.m. Eastern Time. This highly anticipated report is expected to show a slight uptick in inflation, with an annual increase of 2.6%, up from <a href="https://thenewscrypto.com/bullish-trends-revisit-the-crypto-market-after-cpi-release/" target="_blank" rel="noopener noreferrer nofollow">2.4% in September</a>.&nbsp;
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 <figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="720" height="488" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-139.png" alt="" class="wp-image-114181" style="width: 100%;height:auto" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-139.png 720w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-139-300x203.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-139-220x150.png 220w" sizes="(max-width: 720px) 100vw, 720px">
 <figcaption class="wp-element-caption">CPI Data (Source: <a href="https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm" target="_blank" rel="noopener noreferrer nofollow">US BLS</a>)
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According to the report, the core CPI, which excludes food and energy, predicted to remain steady at 3.3%. Every month, analysts expect CPI to rise by 0.2% and core CPI to climb by 0.3%.
However, this expected inflation rise triggered a slight dip in the global crypto market, with Bitcoin and other digital assets <a href="https://thenewscrypto.com/bitcoin-price-steadies-at-86k-post-bull-run-hitting-89k-milestone/" target="_blank" rel="noopener noreferrer nofollow">facing a brief drop</a>. Bitcoin, which hit an all-time high of $89,956 on Tuesday, has paused its rally, falling 0.17% to $87,706.&nbsp;
Further, the global crypto market cap dropped 1.15% to $2.91 trillion, reflecting investor caution ahead of the CPI release.
Moreover, big banks like Wells Fargo, JPMorgan, and Citi are forecasting a 2.5% to 2.6% CPI increase, and any number above expectations could further dampen hopes for a rate cut in December. As investors await the data, the crypto market remains on edge, reacting to shifts in traditional financial indicators.
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October CPI Data Expected to Show Inflation Spike

TheNewsCrypto

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