Yesterday evening, Bitcoin (BTC), the foremost cryptocurrency, experienced a sharp decline from above $90,000 to approximately $85,000.
Despite ongoing fluctuations in BTC’s price, global attention remains fixed on the upcoming US inflation statistics.
It is important to note that due to a 43-day government shutdown, the US Department of Labor was unable to publish October’s monthly inflation data.
Currently, while November figures are awaited, only annual inflation rates will be disclosed this month. These Consumer Price Index (CPI) numbers are anticipated to offer valuable insights ahead of next week’s Federal Reserve meeting.
According to FEDWatch Tool data at this moment, there is a 73.4% chance that the Fed will maintain interest rates between 3.5% and 3.75% in January; meanwhile, there is a 26.6% probability of a rate reduction by 25 basis points.
The Released Data for November Are as Follows:
Annual Consumer Price Index: Reported at 2.7%, with expectations set at 3.1%, down from last month’s 3.0%
Annual Core Consumer Price Index: Reported at 2.6%, below both the expected and previous value of 3.0%
The CPI serves as an essential indicator for tracking consumer spending habits and shifts in US inflation trends.
Bitcoin’s Immediate Market Response Following CPI Release
*Please note this does not constitute financial advice.