BTC's price was trading sideways at just under $36,400 ahead of the CPI numbers.
Both the core and the regular Consumer Price Indexes beat the expectations in the States for the month of October, even with the slightest margin.
The announcement sent BTC higher, with the asset gaining over $400 in minutes before and after the numbers came out.
The general expectations for the year-over-year October CPI numbers showed a potential 3.3% increase compared to the same month last year. For the core CPI, which excludes more volatile sectors like food and energy, the figure stood at 4.1%.
In reality, both metrics have increased with more modest percentages. The core CPI is up by 3.2% YoY, while the Core CPI has jumped by 4% compared to October 2022.
Since the CPI shows the general increase of the inflation rates in the States and the potential upcoming strategies to be undertaken by the country’s central bank, the news had a somewhat positive impact on BTC’s price.
The cryptocurrency sat at a multi-day low of $36,200 but spiked by over $400 in the minutes before and after the numbers were announced. As of now, BTC stands above $36,600.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
