Leading cryptocurrency Bitcoin (BTC), On September 18, it started to rise again with the news from the Federal Reserve front.
Expectations that inflation will continue to rise ahead of the Federal Open Market Committee (FOMC) meeting shook all markets, and the leading cryptocurrency Bitcoin was also affected.
Bitcoin Reacts Positively to Inflation
Bitcoin price very close to $ 49,000 on Coinbase during the day and pinned up to $ 48,825.
Despite this, BTC price is expected to rise above $50,000, which is seen as psychological resistance.
Famous analyst David Gokhstein also mentioned the importance of $ 50,000 in his statement on the subject and underlined that the price should stay above this.
#bitcoins needs to get over $50,000 and just hold it.
— David Gokhshtein (@davidgokhshtein) September 18, 2021
According to the information conveyed, the inflation data in August rose to 5.3%, and the annual inflation rate exceeding 5% fueled concern.
While some experts emphasized that this was below expectations, others pointed out that this was the highest annual inflation seen in 10 years.
Although there is great uncertainty and confusion about inflation data for now, it can be clearly seen that the leading cryptocurrency Bitcoin reacted positively.
Exante Data founder Jens Nordvig said in a statement on the subject that the quality of inflation data should be looked at and there was no such increase in all 82 categories.
On the other hand, when we look at the average, it can be said that inflation is high. BTC, which is seen as a safe haven, has been positively affected by this as in 2020.