US Inflation Spike Shakes Bitcoin and Crypto Markets

The recent inflation data from the US has had a considerable effect on Bitcoin and the broader cryptocurrency market, though not every asset was affected in the same way. A Labor Department report indicated that inflation in January was higher than anticipated, primarily due to rising shelter costs.



Additionally, the Consumer Price Index (CPI) — a gauge of the prices for goods and services faced by consumers — increased by 0.3% for the month. Over the past 12 months, the CPI has risen by 3.1%, a slight drop from December's 3.4%.



The unexpected jump in the CPI could present a challenge for the Federal Reserve (Fed), which has been hoping for inflation to decrease towards their 2% yearly goal. The central bank, which has maintained a stringent monetary policy for the past two decades, may find its plans to lower interest rates del


First found on: https://coinatory.com/cryptocurrency-news/us-inflation-spike-shakes-bitcoin-and-crypto-markets-17243/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP