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%.
The post Bitcoin Price Reacts to August US CPI Data: Here’s What Happened appeared first on CryptoPotato.
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