Bitcoin and Ethereum React Negatively to the US Inflation Determinant Tool
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After the statistical publication from The Department of Consumer Price Index in the United States, the two most ranked crypto assets, Bitcoin (BTC) and Ethereum (ETH), continue their bearish trend. CPI is a tool that is used in the United States for determining inflation in the country’s economy.
It monitors the pace of change in the prices of goods like fuel, pre-owned vehicles, clothing, and other things. When United States stocks decline, the market for cryptocurrency, which includes Bitcoin, Ethereum, and others, also tends to follow, with holders turning to stable assets like the USD.
The Decision of the Central Bank on Bitcoin and Ethereum and its Implications
According to CPI data, goods prices have risen 8.2 percent in a year.This, however, suggests that more pain might arise as the Central Bank will increase the rates of interest to keep the US economy afloat, and this will in turn induce inflation and trigger a decline in the stock market.
At the point of writing, Bitcoin’s stock price was selling for $18,350, a 3.7 percent difference from its price the previous day. This is the period after September 22. Its value will be valued at under $19,000 compared to its highest price ever in November 2021, at over $69,000.
There hasn’t been anything better for Ethereum. Its price is a little bit above $1,200 and has experienced almost a 6 per cent loss in the last 24 hours. Other stocks have also been willing to follow the bearish trends.
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