CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
FED's Preliminary Inflation Data Announced, Bitcoin (BTC) Soared!
Table of Contents
Market Musing-g

FED's Preliminary Inflation Data Announced, Bitcoin (BTC) Soared!

Bitcoin Sistemi EN
By Bitcoin Sistemi EN
Created 20 days ago, last updated 20 days ago
2 mins read
FED's Preliminary Inflation Data Announced, Bitcoin (BTC) Soared!

Table of Contents

Bitcoin and altcoins experienced sharp declines following FED Chairman Jerome Powell's hawkish statements.

While BTC fell below $93,000 in this process, data on Personal Consumption Expenditures (PCE), which the FED closely follows when making interest rate decisions and is considered a leading inflation indicator, was announced today.

Accordingly, personal consumption expenditures data for November were as follows:

Core Personal Consumption Expenditure Price Index (YoY) Announced 2.8% – Expected 2.9% – Previous 2.8%

Core Personal Consumption Expenditure Price Index (Monthly) Announced 0.1%– Expected 0.2% – Previous 0.3%

Personal Consumption Expenditure Price Index (Annual) Announced 2.4% – Expected 2.5% – Previous 2.3%

Personal Consumption Expenditure Price Index (Monthly) Announced 0.1% – Expected 0.2% – Previous 0.2%

Bitcoin is on the rise!

After the PCE data came in below expectations, Bitcoin started to rise and the price rose above the $95,000 level.

The PCE index is considered by the Fed to be the most accurate measure of inflation.

Following the PCE data, the probability that the FED will leave interest rates unchanged in January 2025 is priced in at 89.3 percent, while a 25 basis point cut is priced in at 10.7 percent.

Bitcoin continues to trade at $95,452 at the time of writing.

*This is not investment advice.

Continue Reading: FED's Preliminary Inflation Data Announced, Bitcoin (BTC) Soared!

0 likes
|

Other articles published on Dec 20, 2024

Market Musing-g

Why is Bitcoin Crashing? How Low Could the Price Go?

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is garnering significant attention from the crypto community following a continuous price decline. However, there are sev...
By CoinPedia News
20 days ago
3 mins read
Market Musing-g

Bitcoin Faces Sharp Correction, Stabilizes at $96,500

Bitcoin’s price experienced a significant correction starting December 19, 2024, pulling back to $96,500 after hitting a weekly high of $108,000. Despite the drop, analysts highlight the $99,000-$9...
By TNYR
20 days ago
3 mins read
Market Musing-g

Peanut the Squirrel’s Owner Takes Legal Action Against Binance Over Trademark Infringement

Longo sent a cease-and-desist letter, stating that this is the first of many steps to protect his intellectual property.
By BSCN
20 days ago
3 mins read
Market Musing-g

It’s Impossible for Solana (SOL) to Repeat Its 12,000% Rally from 2021, But This $0.003 Token Wil...

Solana’s meteoric rise in 2021, delivering a staggering 12,000% return, remains one of the crypto market’s most iconic success stories. However, as the industry matures and competition intensifies,...
By TheNewsCrypto
20 days ago
6 mins read
Market Musing-g

Copper Technologies withdraws crypto license application to list with FCA

The pulling out of the application is followed by the report of FCA that about 90% of crypto license applicants were not able to meet its standards as of September 2024. Regardless of pulling out, ...
By Todayq News
20 days ago
3 mins read
Market Musing-g

OKX unveils Ordinals Launchpad platform for direct Bitcoin inscription

OKX has announced the launch of Ordinals Launchpad, a platform that allows on-chain creators to launch, inscribe and trade collections directly on the Bitcoin ecosystem. The major crypto exchange O...
By crypto.news
20 days ago
2 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!