The latest report from the Labor Department on Tuesday revealed a 0.1% increase in the US CPI for November, with a year-over-year rise of 3.1%. This figure differed from the expectations of economists surveyed by Dow Jones, who anticipated no change and a yearly rate of 3.1%.
Although the monthly rate indicated an uptick from October’s flat US CPI reading, the annual rate demonstrated a slight decline, down from the 3.2% recorded in the previous month.
US CPI Jump Can Induce Crypto Market Volatility
In the latest data release, on-chain data provider Santiment highlights this development is more likely to introduce volatility in crypto prices in the short term. Interestingly, Santiment notes that mentions of a bear market are high, and historically, fear, uncertainty, and doubt (FUD) often precede market rebounds.
Courtesy: Santiment
As of press time, the Bitcoin (BTC) price is trading 2.1% down slipping back under $41,000 levels. The selling pressure is quite visible and we can also
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