US CPI Inflation Data Meets Forecasts, Bitcoin Hits $64K

US CPI inflation data meets market expectations, prompting a sharp rise in Bitcoin to $64,000.
US CPI Inflation Data Meets Forecasts, Bitcoin Hits $64K

Key Takeaways

  • US CPI inflation data aligns with market expectations at 3.4% year-over-year.
  • Retail sales stagnated at 0%, below the expected 0.4%.
  • Bitcoin surged to $64,000 following the CPI data release.

The much-anticipated US Consumer Price Index (CPI) inflation data has aligned with economic forecasts, causing a significant rise in Bitcoin’s value to $64,000.

According to Trading Economics, headline inflation year-over-year was 3.4%, matching the anticipated figures.

Core inflation also met expectations, coming in at 3.6% year-over-year.

While the monthly inflation rate was 0.3%, it fell slightly short of the expected 0.4%.

However, core inflation month-over-month aligned with projections at 0.3%.

Retail sales

Retail sales data showed a stagnation at 0% month-over-month, significantly below the expected 0.4%.

This substantial drop in retail sales is likely to eliminate any prospects of a near-term rate hike.

In response to these developments, Bitcoin surged to $64,000.

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