Bitcoin price reacts violently to news from the US. The US Consumer Price Index (CPI) was 9.1% in June. This is higher than the estimated 8.8% we saw previously.
This creates periods of uncertainty in financial markets. The US CPI is calculated by the Bureau of Labor Statistics (BLS). They take an average set of goods and services. This means that services and products in this index have increased by an average of 9.1% for consumers.
The BLS is the primary source of labor market statistics in the United States.
Bitcoin price
In practice, this also has consequences for the price of Bitcoin. There are many ways to get involved in this market. However, Bitcoin often falls into the category of ‘risky assets’. In an uncertain market, people choose the good old dollar or other proven investments.
The chart below shows today’s Bitcoin price. You can guess when the news about CBI came out.
There doesn’t seem to be a safe harbor anywhere right now. US stock markets are also reacting to this news. Futures on the Nasdaq fell 1.5%, while the Dow Jones fell 0.6%. Futures on the S&P 500 also fell 1%.
In short: Financial markets react to news from the US.
In addition to all kinds of obscure financial products, high inflation has consequences for consumers. The tweet below lists several price hikes. Note that this is a one-year increase.
=https://twitter.com/AMcCarthyNY/status/1547200948635926529″ data-service=”twitter”>
Higher expenses mean lower disposable income for the average American. If you’re having trouble reaching your goal, saving in Bitcoin isn’t your first thought. The recent price drop also didn’t contribute to sentiment.
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