Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%

Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on.

  • The Consumer Price Index (CPI) is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.
  • Many people also refer to it as an approximation of the current inflation rates.
  • There are indexes available for various states and geographic areas.
  • For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.
  • February 2022 CPI information is scheduled for release for March 10th.
  • With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.

photo_2022-02-10_15-44-08
Chart by TradingView

  • At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:







Source

Tagged : / / / / / / / / /
Bitcoin (BTC) $ 41,821.21 4.78%
Ethereum (ETH) $ 2,234.35 5.03%
Litecoin (LTC) $ 72.83 7.18%
Bitcoin Cash (BCH) $ 232.49 8.44%