Unexpected drop in US core CPI annual rate pushes up Bitcoin price
Although the overall inflation rate in the United States in December rose faster than expected, investors are currently in a buying mode after the core CPI unexpectedly fell year-on-year. The price of Bitcoin increased by about $1,500 within minutes after the report was released, to $98,500 after the release of the report, up 2% in the past 24 hours. Since the Federal Reserve's interest rate decision in December, due to concerns about sticky inflation and hawkish Fed, most of Bitcoin has consolidated below $100,000. The lower-than-expected inflation data shown by Tuesday's PPI for December supports a rebound in Bitcoin.
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