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Friday, February 3, 2023

Bitcoin Nears $18,000 After Knowing US Inflation

Key Facts:
  • Year-to-date inflation in the United States is 7.1%.

  • Along with bitcoin, other variable income assets increased their prices.

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There was a sudden spike in the price of Bitcoin (BTC) in the last few minutes following the release of official year-on-year inflation data from the United States.

At the time of this writing, Each BTC trades at USD 17,909, as can be seen in the Cryptonoticious price calculator. This is an increase of over 5% in the last 24 hours. And US inflation is at 7.1%, down 9% from last month, when it stood at 7.8%.

Not only bitcoin, but also Price of other variable income assets benefiting from inflation data, For example, the NASDAQ index (which aggregates stocks of technology companies) started the day at US$11,020 and has risen to US$11,144 at the time of writing.

It should be noted that, as reported by CriptoNoticias, for several months bitcoin shows a high correlation with traditional stock markets, The price of the currency created by Satoshi Nakamoto does not escape the global macroeconomic context.

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Steve Sosnik, head of strategy at stockbroker Interactive Brokers, spoke about the inflation data:

It was a big surprise and the markets are reacting accordingly. (…) Today is a day in which the whole bullish scenario is working. Yields are the lowest in the history of inflation. Stocks love the story of a weak Fed and a weak dollar, which helps stocks as well.

Steve Sosnik, chief strategist at Interactive Brokers.

The United States isn’t the only region experiencing a slowdown in inflation. Germany, for example, has a similar situation and inflation moved from one month to the next, from 10.4% to 10.0% year-on-year, according to the most recent official report.

Bitcoin Nears ,000 After Knowing Us Inflation
Bitcoin (BTC) price for the last 7 days. Source: Coinmarketcap.

Tomorrow will be another important day for the price of financial assets

Another event in the United States that could have an impact on equity assets including BTC will take place tomorrow. It is an announcement by the Federal Reserve (FED) to increase interest rates in the United States.

Although interest rate hike expectedIn the words of Fed Chairman Jerome Powell, it will be a “moderate” increase. If so, there is a high probability that this will be interpreted by the market as a bullish sign and that assets like bitcoin will benefit.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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