Bitcoin is on an upswing after the latest U.S. Consumer Price Index (CPI) data, which came in right on target, fueling the cryptocurrency’s surge above $92,000. The CPI for October rose 0.2%, matching economists’ predictions, and brought the year-over-year increase to 2.6%. The core CPI, which excludes volatile food and energy prices, also aligned with expectations, rising 0.3%.
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CPI Data Meets Expectations and Boosts Bitcoin
The October CPI results were a confirmation of the steady inflation trend, with no surprises. As soon as the numbers were released, Bitcoin jumped to $89,500, showing a 30% increase in just the past week. This movement reflects the positive market sentiment as investors see the Fed’s actions as supportive of Bitcoin’s bullish run. The release of this data was a catalyst for a bigger shift, with the odds for another Federal Reserve rate cut in December increasing to 69%, according to CME FedWatch.
At the time of writing, Bitcoin is sitting at $92,694.11, up 6.4% in the past 24 hours.
