Bitcoin (BTC) And Altcoins Soar After US Inflation Decline Report
✍️ 13 August, 2022 - 13:16 👤 Editor: Jakub Motyka
- The latest report of the consumer price index given by the US government has revealed a decrease in the percentage of inflation.
- This has caused Bitcoin (BTC) and most altcoins to rally.
- Is Joe Biden's economic plan working? How does this affect cryptocurrencies?
According to the latest US CPI report, Inflation fell to 8.5% during the month of July, generating a rally in the price of Bitcoin (BTC) and most Altcoins . According to data provided by the Department of Labor, CPI year-on-year inflation was 0.2% lower than expected, and the month-on-month figure did not change compared to June.
To the surprise of many, the economic policies adopted by Joe Biden to curb inflation appear to be working. This has greatly reassured the different market players, because if it continues like this, the next interest rate adjustments should be less aggressive.
How Has The US Inflation Report Affected Bitcoin And Cryptocurrencies?
As a result of the announcement, Bitcoin and other important cryptocurrencies had a significant increase in their price, after several months in free fall. On the other hand, the macroeconomic outlook and geopolitical tension would have put too much pressure on the market. For many, the slowdown in inflation has been like the light at the end of the tunnel.
Raoul Pal, founder of Global Macro Investor, noted that “markets now have a pretty clear race to the FED regional surveys in a few weeks or so.I expect them to be significantly weaker ”. However, other analysts, such as Blockware's William Clemente, refer to Bitcoin's rally as "short-term." Will it be the end of the downtrend?
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