The Latest Data from the USA Affected Bitcoin Negatively! What’s the Latest?

A price index data released today in the United States cryptocurrenciesstock indices and precious metals negatively affected.

US Personal Consumption Spending Price Index It was officially announced today at 16.30 Turkish time. Household personal consumption expenditure had increased by 0.2% in the previous month and by 5.3% year-on-year.

The data announced today, on the other hand, was contrary to expectations and confused the whole market. While the monthly increase expectation for personal consumption expenditures was 0.5%, this data was announced as 0.6%.

The data, which caused the investors to worry, came on an annual basis. Markets had expected the annual personal consumption price to decline from 5.3% to 5%. However, spending rose 5.4%, indicating an opposite trend.

Investors are skeptical of rising personal consumption spending, which is expected to fall. “will inflation rise again” began to ask the question.

RSM Chief Economist Joe Brusuelas said that inflation is starting to get sticky at the 5% level. The economist expects the Fed to raise interest rates by 50 basis points in March.

January Inflation & Policy Takeaway: inflation remains stubborn & sticky between 4-5%. Service inflation continues to increase with goods disinflation cooling. Risk of a March 50bps hike rising and we are clearing moving toward a 5.5% policy peak at a minimum. pic.twitter.com/SrF1D2BBdD

— Joseph Brusuelas (@joebrusuelas) February 24, 2023

How Has The Bitcoin Price Been Affected?

The crypto market has been adversely affected following the unexpectedly announced personal spending data. In recent days, investors have been hoping for a rebound to $25,000. bitcoinapproached the $22,500 support after the news.

$BTC It is currently trading at $23,000. Bitcoin has lost 3.50% in value since the beginning of the day.