U.S. CPI Data Below Expectations Boosts Bitcoin Price
- U.S. inflation for September rose to 3% year-on-year, below the expected 3.1%.
- Monthly CPI increased by 0.3%, underperforming expectations of 0.4%.
- Core CPI also registered at 3% YoY, below the anticipated 3.1%.
- Bitcoin surged past $111,000 following the data release.
- There is a 98.9% chance of a 25 basis points rate cut at the upcoming FOMC meeting.
- The odds for another rate cut in December stand at 94.5%.
The lower-than-expected CPI data has strengthened bullish sentiment in the crypto market, particularly benefiting Bitcoin as traders anticipate potential Federal Reserve rate cuts next week and in December.
With Bitcoin rising above $111,000 after the CPI announcement, the market is reacting positively to these economic indicators and potential Fed actions.(Source)
