The post Crypto Market Tumble Following October CPI Release: Here’s What Next appeared first on Coinpedia Fintech News
The cryptocurrency market experienced a notable downturn on Tuesday, with a 1.51% decline. This shift occurred in the wake of the Consumer Price Index (CPI) release for October. Bitcoin, which had been performing robustly, maintaining around the $37,000 mark, saw a significant drop of 4% to $35,000. This decline not only impacted Bitcoin but also reverberated across other cryptocurrencies.
Understanding the CPI Impact
The CPI, a key measure of inflation, plays a crucial role in currency valuation. As inflation rises, the purchasing power of a currency unit diminishes, requiring more units to buy the same goods. This inflationary pressure is closely monitored by central banks, which may adjust monetary policies in response, affecting financial markets, including cryptocurrencies.
Experts point out that the cryptocurrency market is particularly sensitive to CPI fluctua
We współpracy z: https://coinpedia.org/news/crypto-market-tumble-following-october-cpi-release-heres-what-next/
