The cryptocurrency market is focused on inflation data from the US today. After the data came at the expected level, the gold and Bitcoin price are moving.
Bitcoin and gold take action after US inflation data
In the past months, inflation in the USA had regressed to 7.7% and 7.1%, respectively. US inflation data came in at 7.1% YoY in November, below expectations of 7.3%. Consumer inflation in December was 6%. The market expectation was for inflation to reach 6.5 percent. Meanwhile, inflation in the US had risen to 9.1% in June, a 40-year high. Inflation, which is low in line with expectations, mobilizes the crypto money and gold market.
BTC price exceeds $18,000
BTC price gained more than 4% after inflation data. It’s keeping its gains over 7% since last week. However, while economists expect inflation to fall next year, the risks of recession are quite high. BTC price may face further selling pressure in such a case. At the time of writing, major cryptocurrencies like ETH and ADA were rising alongside BTC. XRP was the only altcoin that lost value.
Similarly, gold prices are on the rise. Grams, quarters and ounces of gold are in the green around 0.5% at the time of writing. Inflation data had a positive impact on the markets in general. As Kriptokoin.com, we have included the expectations in this article.
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