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Bitcoin (BTC) Price Soars Above $84K as US CPI Data Lower Than Expected
The Consumer and Price Index (CPI) data for February has been released, showing a significant decrease in inflation rates. As expected by the market, this news has sparked a massive surge in Bitcoin’s price, which is now trading above $84,000.
The US Bureau of Labor Statistics revealed that the year-over-year inflation rate dropped to 2.8%, contrary to the estimated 2.9%. Additionally, the core CPI, excluding volatile sectors such as food and energy, increased by a relatively moderate 3.1% YoY, falling short of the predicted 3.2%.
The sudden shift in market sentiment has sent shockwaves through the crypto market, with Bitcoin’s price skyrocketing above $84,000. The significant deviation from expectations has sparked widespread speculation about potential interest rate cuts later this year.
It appears that the decrease in inflation rates may have led investors to reassess their risk tolerance and flock towards higher-risk assets like Bitcoin.
Source: https://cryptopotato.com/bitcoin-btc-price-soars-above-84k-as-us-cpi-data-lower-than-expected/
