Crypto News Today: US Inflation Holds Steady at 2.7% in November
The post Crypto News Today: US Inflation Holds Steady at 2.7% in November appeared first on Coinpedia Fintech News
The U.S. Bureau of Labor Statistics has released the latest Consumer Price Index (CPI) data, shedding light on the inflation trend for November. The report indicates a slight increase in CPI to 2.7%, aligning with forecasts and marking a steady path toward financial stability.
Inflation Trends Show Gradual Growth
In November, the inflation rate increased by 0.1%, reaching 2.7%, as predicted. This marks the second consecutive monthly rise, following increases from 2.4% in September to 2.6% in October. The consistent upward trend points to growing inflationary pressures in the U.S. economy.
Economists warn that if inflation keeps rising at this rate, it could lead to an interest rate adjustment in December. Such a change might impact various sectors and influence market conditions.
Core CPI Insights
Core CPI, which excludes volatile food and energy prices, inched up to 3.3%, matching expectations. While this slight rise raises some concerns, the overall CPI numbers show progress in managing inflation.
Bitcoin’s Reaction to CPI Data
Bitcoin’s price reacted positively to the CPI report, climbing 2% to $98,859 after briefly surpassing $98,106. The cryptocurrency’s market cap now stands at $1.95 trillion, reinforcing its strength in the digital asset market.
Analysts are closely watching Bitcoin’s performance, with some expecting it to test the $100,000 support level before resuming its upward trend. This highlights Bitcoin’s increasing sensitivity to key economic indicators like inflation data.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
