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Bitcoin (BTC) and altcoins have experienced sharp declines in recent days. This decline is attributed to increased tensions related to the US-Iran conflict, rising energy costs associated with the conflict, and increasing inflation concerns.
Analysts are concerned that inflation, which the Fed has long been trying to bring down to its 2 percent target, will continue to face upward pressure due to increases in energy prices.
In the face of these concerns, US inflation is also expected to reach its highest level in the last three years. Inflation, which last exceeded 4% in May 2023, is expected to be announced at 4.2% today.
At this point, while there is talk that the Fed might even raise interest rates in the face of increasing inflation risk, the US May inflation data, which the Fed closely monitors when making its interest rate decisions, has been released.
Here are the US inflation figures that have been released:
Consumer Price Index Annual: Announced 4.2% – Expected 4.2% – Previous 3.8%
Consumer Price Index Monthly: Announced 0.5% – Expectation 0.5% – Previous 0.6%
Core Consumer Price Index Annual: Announced 2.9% – Expected 2.9% – Previous 2.8%
Core Consumer Price Index Monthly: Announced 0.2% – Expectation 0.3% – Previous 0.4%
The consumer price index is a key variable used to measure consumer purchasing trends and changes in US inflation.
Bitcoin’s Initial Reaction After the CPI Data!
*This is not investment advice.