Bitcoin Bounces Back Above $60k After Dipping Below $59k on CPI News

Twitter icon  •  Published 1 month ago  •  Hassan Maishera

Bitcoin is trading above $60k once again after dropping below $59k on Thursday following a slightly higher-than-expected U.S. inflation print and a rise in weekly jobless claims.

Bitcoin Bounces Back Above $60k After Dipping Below $59k on CPI News

TL;DR

  • BTC dropped below $59k on Thursday following the CPI news.

  • It is now trading above $60k once again, up more than 1% in the last few hours.

Higher-than-expected CPI Inflation Causes Bitcoin to Slump

Bitcoin continued its poor performance on Thursday, but this time, it was fueled by the CPI figures. The leading cryptocurrency by market cap was trading above $60k but immediately dropped below $59k following a slightly higher-than-expected U.S. inflation print and a rise in weekly jobless claims.

The poor performance saw BTC hit a weekly low of $58,900. The U.S. Labor Department published the U.S. Consumer Price Index (CPI) on Thursday. The CPI increased by 0.2% in September, marginally exceeding expectations of a 0.1% rise. Higher food costs caused the increased CPI, but the annual inflation rate still recorded its smallest increase in over three years, indicating a slowing inflation rate in the country.

Furthermore, the United States also recorded a rise in weekly jobless claims, increasing uncertainty over the economic outlook. This resulted in Bitcoin and stocks underperforming, with BTC dropping below $59k for the first time this month.

Bitcoin has since recovered and is now trading above $60k once again. At press time, Bitcoin’s price is $60,789 and could rally higher in the near term.

 

io.net and Mira Network Collaborate to Advance Trustless AI Verification With Decentralized Compute
Next article io.net and Mira Network Collaborate to Advance Trustless AI Verification With Decentralized Compute

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.