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Bitcoin Drops Near 11-Week Low After US CPI Inflation Exceeds Expectations
(2 hours ago) · 1 source · Summarized by CryptoBipto
Bitcoin fell close to an 11-week low following the release of US Consumer Price Index data that came in higher than economists had forecast. The inflation reading was described as discouraging by market observers, as it may reduce the likelihood of near-term interest rate cuts by the Federal Reserve.
WHY IT MATTERS
CPI, or the Consumer Price Index, measures how much everyday prices (like food, rent, and gas) are rising.
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SOURCES
- cointelegraph.com
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BTCBitcoin PriceUS InflationCPI DataFederal ReserveMacroeconomics