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Price of Bitcoin & Ether Fell Before The US CPI Report
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[QUOTE="amberrrr789, post: 276686, member: 88484"] [B]Stay Tune with MEXC Global [/B](October 13) The U.S. Bureau of Labor Statistics reported on October 13 that the Consumer Price Index (CPI) for All Urban Consumers climbed by 0.4% in September and had increased by 8.2% over the previous 12 months. The CPI, which measures how much it costs to purchase a market-basket of goods and services for consumers, is one of the most significant indices of inflation. The rise in the CPI indicates that it is becoming more expensive for people and households to pay for necessities like food and petrol. Due to the highest level of inflation since the 1980s, the Fed is extremely likely to continue raising interest rates in November, which will force the cryptocurrency market to fall. How does inflation affect the price of Bitcoin (BTC) and Ethereum (ETH) then? [CENTER][ATTACH type="full"]56085[/ATTACH] [I]Consumer Price Index, 12-month percentage change (Source: U.S. Bureau of Labor Statistics)[/I][/CENTER] The lowest prices for Ethereum and Bitcoin on MEXC Global today were $1,150.00 and 18,184.22, respectively, in addition to facing high inflation rates. The cost of bitcoin has varied between $18,000 and $22,000 since the start of September. The news of today's inflation may soon lead to a breakout of Bitcoin and other cryptocurrencies, either directly or indirectly. According to MarketWatch, historical data demonstrates that if inflation surpasses 5%, it often takes 10 years for it to drop below 2%, the mark most consistently linked to maximum employment and price stability. foreshadowing a long-term difficulty for the Federal Reserve and the White House. Tightened monetary policy must be undertaken notwithstanding how painful it is to see the depressing market in order to stop rising inflation rates or, worse, hyperinflation. This is because rapid inflation will cause the US dollar to weaken over time and drive up import prices. However, things could abruptly change as a result of numerous monetary and fiscal policies. Even though Bitcoin's price later today recovered to $19,000, the allure of cryptocurrency volatility still exists. To reduce potential loss, traders and investors should regularly watch the macroeconomic environment and Fed statements and adjust their tactics as needed. To lessen price volatility, think about converting to dollar-cost averaging (DCA) instead of making all of your investments at once. Over time, DCA reduces the average price per unit. This makes it possible for you to buy in a volatile market in lesser volumes at various prices. [/QUOTE]
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