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This Wednesday, the United States Department of the United States published the November data of the Consumer Price Index (CPI). The prices figures in this indicator were maintained within the expectations of Wall Street analysts. Bitcoin’s reaction and other cryptocurrencies was upwards, which marks a recovery day.
At the time of writing this note, the largest of cryptocurrencies is placed above $ 99,700 per Token. With this, the BTC puts an end to the bearish trend of the last days. The negative numbers reflected in a week are annulled with +2.70% of BTC within that period.
Investors, both in the Cryptocurrency and shares market, longed for this inflation report. The same will be one of the bases that the Federal Reserve will take for its monetary policy decision of December 18. On that date there is the last meeting of the year of the Federal Open Market Committee (FOMC). During that meeting, the officials of the Central Bank will decide a new cut of the interest rate.
In any case, during the last year that ends in November, the IPC inflation of the United States marked 2.7%. The fact that these numbers were higher than the last month (2.6%) ratifies the need for a new type cut by the Fed. Until now, the consensus expects the FOMC to agree on a 25 basic points cut at the price of the price of money.
At the time of writing this note, the price of BTC exceeds $ 99,700 per currency. Source: Coinmarketcap
Bitcoin’s positive reaction after the recent setback
An aspect that attracts the attention of this inflation data in the US. It is that they cause a strong recovery of the price of Bitcoin. As already mentioned above, the largest of cryptocurrencies comes from a strong jolt that caused a disturbing sales pressure earlier for the week.
This Tuesday, the price of BTC decreased acutely to $ 94,435 after a strong collection by the whales. Given the impossibility of consistently exceeding the $ 100K barrier, some investors saw the opportunity to liquidate part of their capitals. Thus, the great fear of investors was to produce sales.
The latter would have led to a relatively deep correction that would have caused the loss of the $ 90K support. In any case, investors maintained consistency and capitals continued to flow to the crypto world, both in the cash and in the ETF Spot of the New York Stock Exchange. The latter showed positive flows both on Monday ($ 479m) and Tuesday ($ 438m) despite the bearish trend.
The IPC inflation data on Tuesday becomes a confirmation of the feeling of Wall Street portfolios, which were not intimidated by a limited gain collection. In the Altcoins sector, the matter is particularly different. Although some tokens recover, the Altcoins season of the Blockchaincentr.net index continues to move away.
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