Bitcoin fans, get ready for an exciting afternoon! The CPI report for today at 1:00 PM can be the spark that sends Bitcoin prices skyrocketing or plummeting. However, why is the market anticipating this?
A robust economy is typically correlated with a healthy labor market, but recent employment data has investors concerned. Do not panic; in an effort to stimulate the economy, the Federal Reserve has announced a rate drop.
Low interest rates facilitate borrowing, which may raise the value of cryptocurrencies. Will it be sufficient to stop a recession, though? One rate cut may not be sufficient, according to some experts.
Here’s when things become interesting. A decline in the CPI might put pressure on Bitcoin short sellers and spark a possible upswing. On the other hand, a higher-than-expected CPI might trigger a sell-off.
However, don’t simply believe what we say! Analysts covering cryptocurrency are upbeat, pointing to strong market confidence and a measured CPI that won’t surprise investors. In fact, on September 10, spot Bitcoin ETFs received inflows of a staggering $117 million, the biggest since August 26!
So, what can we expect from today’s CPI news? Will the price of Bitcoin rise or fall? Watch this space to find out!
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