The US inflation data (CPI), expected by the markets, has finally been released. After the data was released, Bitcoin, altcoins and gold prices started to rise. Before the CPI, BTC and the dollar were lower, while bond markets were trading at a flatter price.
US inflation data released
The cryptocurrency market has been waiting for CPI data since yesterday evening. The widely made forecast in the market was that the US inflation would rise to 8.7% year-on-year. Before the CPI, Bitcoin, altcoin and gold prices fell, while the dollar also lost strength. US CPI data was announced at 15.30 Turkish time. Accordingly, US inflation was measured at 8.5% after a long time, below market expectations. This was 0.2% below market expectations and indicated that inflation was falling. The measure of 8.5% for July, versus 9.1% last month, led to a rise in risky assets like Bitcoin and equities.
However, the new CPI data is still well below the FED’s 2% inflation target. Additionally, the dollar weakened ahead of inflation data. Following the CPI data, the FED expectations of the markets were divided into 50 basis points and 75 basis points. Accordingly, 42% of respondents expect the FED to increase interest rates by 50 basis points in September. However, 58% of investors predict an increase of 75 basis points.
Bitcoin price soars
Before the CPI, Bitcoin dropped to $ 22,600 last night. However, it climbed slightly in the morning to reach $23,000 again. cryptocoin.com As we reported, the decline was the market’s reaction to the release of inflation data. After the CPI came in below expectations, the leading cryptocurrency started to rise. Peaking rapidly, BTC returned to the $24,000 band in just 1 hour. BTC has gained 3.54% in the last 24 hours. However, it was trading at $24,036 at the time of writing. It is a known fact that risky assets such as Bitcoin are affected by the monetary policies of the FED. CPI data, which apparently came out below market expectations, helped investors gather their courage.
Gold price also peaked
After the CPI data, the gold price also increased. Accordingly, the ounce gold price rose to $1.806 at the time of the CPI data release. Gold fell as low as $1,788 this morning. After rising as high as $1,806 an ounce, the price of gold corrected slightly. After falling as low as $1,791, it rose slightly back to $1,800. Thus, the daily rise of gold reached 4%. It got its share from the rise under the gram. Gram gold, which was traded at 1,030 liras in the morning, is currently traded at 1,035 liras, after rising to 1,040 liras.
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