Bitcoin Price Rises Again, US Inflation Takes Effect?

The price of bitcoin and a series of altcoins rose again, amid market vigilance against US inflation, which is one of the Fed's monetary policy benchmarks. Based on data from CoinMarketCap on Thursday (11/08/2022) at 8 am, the price of bitcoin fell to $23,957 and it was observed that a number of compact altcoins strengthened, such as Ethereum (ETH) rising 8.8% to $1,852. No less competitive, the top 10 token category, namely Polkadot, rose 6.8% based on market capitalization on CoinMarketCap. This is because, after Polkadot formed a partnership with the institutional investment company Bitgo.

Meanwhile, US equities ended higher Wednesday on weaker inflation. The Dow Jones Industrial Average closed with a 1.6% gain, the S&P 500 added 2.1% and the Nasdaq Composite Index added 2.9%. The Consumer Price Index (CPI) released Wednesday, showed that the US annual inflation recorded a decline from 9.1% in June, now to 8.5% in July 2022. This data indicates that the US cycle of high inflation may have peaked, although the 8.5% figure is still one of the highest.

The June number was the highest monthly increase in four decades.

Of course, concerns about inflation have prompted the Federal Reserve to raise interest rates at a more moderate rate in September. Confidence in the impact is likely to dampen the aggressiveness of its monetary policy. Certainly, they can assume success in trying to tame inflation without throwing the economy into recession. But investors see that any slowing inflation could ease pressure for bigger interest rate hikes.

source: https://shrinke.me/Bitcoinprice