Hassan Maishera
TL;DR
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Bitcoin continues to trade below the $27k mark as September’s CPI figures rolled in.
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Core CPI rose by 0.4%, with the year-over-year pace of inflation currently at 3.7%.
Bitcoin Maintains Value Below $27k Despite Rising Inflation
Bitcoin, the world’s leading cryptocurrency by market cap, is up by less than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $26,853.
The performance comes despite the United States publishing its latest inflation figures. Consumer Price Index (CPI) for September rose 0.4% versus economist estimates of 0.3%. However, it is better than the previous month's 0.6%. On a year-over-year basis, in September, the CPI rose 3.7% versus forecasts of 3.6% and August's 3.7%.
Following this latest development, the Federal Reserve suggested that it might need to hike interest rates one more time before the end of the year. Traders believe that the Fed could increase interest rates during its November meeting or could wait till December before it does that.
Solana and Toncoin are the worst performers amongst the top 20 cryptocurrencies by market cap, losing more than 2% of their values over the last 24 hours. The total cryptocurrency market cap remains at $1.05 trillion.
