Bitcoin Reacts to August US CPI Data

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Somewhat expected, bitcoin’s price dived once again on Friday after the United States Bureau of Labor Statistics released the Consumer Price Index data for August, which matched expectations to a large degree.

The regular CPI showed a 3.4% year-over-year increase, which is exactly as anticipated. The monthly increase is 0.4% – again, as expected.

The core CPI, which excludes more volatile sectors like food and energy, showed a 2.4% YoY jump. The only minor difference from expectations was the core CPI monthly increase of 0.3% versus the anticipated 0.2% bump.

BTC’s reaction is rather interesting. As the chart above shows, it immediately dumped after the news went live by roughly a grand. However, it recovered just as quickly to over $77,000 as of press time.

This was the second inflation report of the week after yesterday’s release of PPI data. It showed a more notable jump of 5.4%.

With the conclusion of this week, meaning that all inflation data has been announced, all eyes have now turned to the United States Federal Reserve. The central bank will hold its next FOMC meeting on September 15-16, with the interest rate decision announced on the second day.

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