Bitcoin appeared to react positively to the data, which allowed the Federal Reserve to avoid being trapped between stickier inflation and avoiding interest rate hikes amid an ongoing banking crisis.
Reacting, Venturefounder, a contributing analyst at on-chain analytics platform CryptoQuant, suggested that the market was now anticipating a"pivot" on hikes — a key boon for risk assets more broadly. "The market: oh yes big victory on fighting inflation! No more rate hikes and Fed is gonna cut rate by 50 BPS before EoY 2023," he"If Powell changes the 2% inflation target it will be the biggest rug move by the Fed since the 1970s taking USD off gold standards."
Trading resource Game of Trades nonetheless argued that CPI was not yet low enough for the Fed to"aggressively" change its stance and echo actions which followed the March 2020 COVID-19 crash. "Consensus gets it spot on as CPI comes in at 6%. But it's not low enough to give the Fed room to aggressively step in during the ongoing crisis, as it did during C19," a tweetCPI is notorious for sparking unpredictable BTC price moves, and as such, the picture remained unclear at the time of writing as to where BTC/USD would head next.
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Bitcoin appeared to react positively to the data, which allowed the Federal Reserve to avoid being trapped between stickier inflation and avoiding interest rate hikes amid an ongoing banking crisis.
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