Bitcoin Stable Above $26K as US CPI Numbers for August Higher Than Expected

2023-09-13 12:48:45

Most of the expectations for the August CPI numbers in the United States pointed out a year-over-year (YoY) increase of 3.6%.

However, the actual numbers are just a fraction higher at 3.7%, while the core CPI increase is above 4%.

All eyes in the financial markets were on the US government on Wednesday as the authorities were scheduled to release the Consumer Price Index data for the month of August.
Experts from the Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and other US financial behemoths foresaw an increase in the YoY of the CPI of 3.6%. Only Barclays, Citigroup, and UBS predicted the actual jump of 3.7%.
The core CPI data, which excludes more volatile sectors such as food and energy, has noted a yearly increase of 4.3%, which is lower than the previous month’s 4.7%.
This data used to impact BTC’s price quite a lot in the past, as it indicated the future behavior of the US Federal Reserve in its battle against the galloping inflation.
However, this hasn’t been the case for a while, and last month’s numbers are no different. BTC continues to trade inches above $26,000, where it stood for the past few hours.

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