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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Bitcoin Tumbles Following Higher Than Anticipated US Core Inflation Data

Ash Tiwari
Ash Tiwari
1 year ago
3 mins read
bitcoin

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The higher-than-anticipated US core Consumer Price Index (CPI) reading was followed by a decline in Bitcoin (BTC) price as it tumbled almost 1.5% to $56,168 at press time.

US Headline CPI Matches Forecast, Core CPI Exceeds It

US headline CPI, the metric typically used to assess the inflation rate in the country, came in according to expectations at 0.2% month-over-month (MoM), and 2.5% year-over-year (YoY) for August 2024. However, core CPI (MoM) printed 0.3%, slightly higher than the 0.2% forecasted by economists. 

For the uninitiated, the difference between the headline CPI and core CPI is the constituents of the basket of items they assess. While the headline CPI measures all item categories, including housing, transportation, services, medical care, food, and energy, core CPI excludes food and energy prices to give a more stable view of underlying inflation trends.

By removing the price of volatile items from its calculation, core CPI is often considered a more accurate indicator of long-term inflation.

Following the unexpected core CPI print, BTC witnessed a quick decline in price as it fell from around $57,000 to $56,168 at the time of writing. The wider crypto market displayed similar trends as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP), which are down by 2.1%, 1.3%, 4.6%, and 2.4%, respectively.

With the CPI data for August 2024 released, it seems all but certain that the US Federal Reserve (Fed) will begin its rate-cut cycle with a 25 basis points (bps) cut in September. In a note, Capital Economics’ Paul Ashworth said:

On balance, we still think the Fed will begin its rate cutting cycle with a more modest 25 bps cut. The 3.2% annual core CPI was mostly due to a 5.2% increase in shelter prices, while the three-month annualized core CPI rebounded only to 2.1% from a weak 1.6%.

Related Reading

How Will The US Upcoming Fed Rate Cut Impact Bitcoin?

How Will The US Upcoming Fed Rate Cut Impact Bitcoin? QCP Analysts Weigh In

1 year ago

Indeed, following the CPI data release, the probability of the Fed slashing rates by 25 bps next week has jumped to 83%, per data from CME FedWatch. Assuming the Fed reduces rates by 25 bps, it should instill some confidence in crypto and stock markets, fearing a 50 bps cut could signal the Fed not being fully confident in its ability to tackle inflation.

Source: cmegroup.com

What Lies Ahead For Bitcoin?

As BTC remains loosely range-bound between $52,000 to $70,000 on the daily chart, analysts are speculating on the future trajectory the leading digital asset’s price could take.

Some analysts opine that BTC’s current price action is reminiscent of a similar price consolidation in 2023. If the same scenario plays out in 2024, we could see a new Bitcoin all-time-high (ATH) price.

It will also be interesting to see the impact of the US Presidential Elections scheduled to happen in November 2024. Interestingly enough, some election-agnostic analysts have stated that no matter who wins the election later this year, BTC is slated to win in the long term.

Related Reading

bitcoin

Bitcoin Tumbles Following Higher Than Anticipated US Core Inflation Data

1 year ago

At the time of writing, Bitcoin trades at $56,168 while the total cryptocurrency market cap sits at $1.94 trillion, down 2.3% in the past 24 hours.

bitcoin
Bitcoin is slightly down following the US CPI data | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from cmegroup.com and TradingView.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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