Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%Consumer Price Index numbers are up, revealing an increase in inflation rates. Bitcoin’s price lost $1K in response.
Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on. The Consumer Price Index is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.There are indexes available for various states and geographic areas.
For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.
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