Bitcoin soars nearly $24,000 as US inflation slows to 8.5%
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Answer Bitcoin soars nearly $24,000 as US inflation slows to 8.5%
The US government just released the latest CPI data of 8.5%, which indicates that inflation is finally beginning to decline after several consecutive months of record highs.
As with previous announcements, the bitcoin price reacted almost immediately as its price surged towards $24,000.
Since the beginning of the year, inflation numbers from the US have affected the price of bitcoin as the larger cryptocurrency is widely considered a riskier asset.
For several consecutive months, the US has reported record inflation rates, the latest of which was recorded in July at 9.1% – the highest rate in more than 40 years.
Minutes ago, the US actually set a lower inflation figure of 8.5% for the previous month, which was 0.2% lower than most forecasts.
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Bitcoin responded immediately and rose nearly $1,000 to just under $24,000.
It is possible that cryptocurrencies will tend to be more volatile in the following hours.
The price increase could be related to the general approach of investors towards the digital asset class as the CPI numbers give a broad suggestion of what the US Federal Reserve could do at the upcoming meeting in September.
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