Bitcoin rises as inflation data shows contained pressures
- Bitcoin increased by approximately 1.9% in the last 24 hours, reaching around $62,600.
- Headline inflation rose by 0.5% month-over-month and by 4.2% year-over-year, the highest since April.
- Core inflation, excluding food and energy, increased by only 0.2%, below the expected forecast of 0.3%.
- Over the past week, Bitcoin is down less than 1%, while major altcoins like Ethereum and Dogecoin fell around -6.5% and -7%, respectively.
- BNB experienced a smaller weekly loss of about -2.1% compared to other top tokens.
The recent inflation report indicated that while headline figures are rising due to energy prices, core inflation remains low, which may influence market sentiment towards cryptocurrencies like Bitcoin. This divergence highlights the ongoing volatility in the crypto market amidst economic indicators.
Despite a modest gain today, Bitcoin’s performance over the past week shows it is down less than one percent while other major cryptocurrencies have seen significant declines.(Source)
