Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates. Similar to earlier instances, the price of bitcoin immediately increased and climbed close to $24,000. CPI Report Boost Bitcoin Price According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%. Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis. After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar. BTC/USD trades close to $24k. Source: TradingView Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W — Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022 According to the Consumer Price Index (CPI) report for July 20...
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