Rumors that the SEC will approve a spot Bitcoin ETF have pushed BTC above $30,000.
However, as BTC retreated to $ 29,500, the expected critical inflation data from the USA were announced.
Here is the data disclosed:
Consumer Price Index MoM: 0.2% – expectation 0.2% – previous 0.2%
Consumer price index YOY: 3.2% – expected 3.3% – previous 3%
Core Consumer Price Index MOM: 0.2% – expectation 0.2% – previous 0.2%
Core Consumer Price Index YOY: 4.7% – expected 4.8% – previous 4.8%
In addition to the CPI data, data on applications for unemployment benefits were also announced.
Unemployment Benefit applications Announced – expectation 230k- previous 227k
The consumer price index is an important variable used to measure consumer buying trends and US inflation change.
A higher-than-expected value indicates a positive/bullish market for the USD, a lower-than-expected value indicates a negative/bear market for the USD.
Bitcoin and Dollar’s Initial Reaction
After the announced data, the first reaction of the Bitcoin dollar was as follows.
After the CPI data announced today, the PPI (Producer Price Index) data will be announced tomorrow.
*Not investment advice.
