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    Home » Bitcoin Holds Steady As Market Awaits Inflation Data

    Bitcoin Holds Steady As Market Awaits Inflation Data

    OwaisBy OwaisOctober 13, 2022Updated:August 20, 2023 Bitcoin No Comments2 Mins Read
    Bitcoin Holds Steady As Market Awaits Inflation Data
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    • Bitcoin: The largest cryptocurrency by market cap was trading for $19,142 at the time of writing.
    • Analysts say that the crypto market could separate from the stock market this week.

    Bitcoin price scarcely moved Wednesday as traders awaited critical inflation data due out Thursday. At the time of writing, the largest cryptocurrency by market cap was trading for $19,142, which was a small 0.7% increase from the day before.

    The U.S. Bureau of Labor Statistics will release the consumer price index (CPI) tomorrow. This is a report that shows how the prices of a basket of common goods and services have changed over time. The index is used to guess how the inflation rate will change.

    Depending on how things look, the CPI report could show that the Federal Reserve will keep raising interest rates quickly to try to slow down the economy and stop inflation from going up.

    Today, JPMorgan said that such a move could mean that the stock market could keep going down, as it usually does when the central bank raises the cost of borrowing money.

    And when U.S. stocks go down, Bitcoin usually goes down as well (and the rest of the crypto market).

    But even though the Dow Jones Industrial Average ended the day down 0.1%, or 28.34 points, at 29,210.85 and the S&P 500 ended the day down 11.81 points, or 0.3%, at 3,577.03, the cryptocurrency market seemed more stable.

    Ethereum, the second largest digital asset, went up even more than Bitcoin and was trading at $1,300, a 1.4% increase over the past day.

    At the time this was written, seven of the ten biggest cryptocurrencies by market cap had all gone up.

    This year, the stock market and the crypto market as a whole have been very linked. But experts who spoke to Decrypt say that this link has weakened, albeit slightly, in the last month.

    Even if Bitcoin does separate from the stock market, investors will likely try to guess which way the wind will blow, which will make for a volatile trading day.

    bitcoin CPI cryptocurrencies Labor Statistics
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    Owais is a skilled professional with a strong background in web editing and social media marketing. As a Web Editor, he possesses a keen eye for detail and a flair for crafting engaging online content. Additionally, Owais leverages his expertise as a Social Media Marketer to effectively promote brands and drive audience engagement. Having completed his Bachelor's degree in BA from Karachi University, Owais gained a comprehensive understanding of various subjects within the humanities. This educational foundation, combined with his passion for digital media, has allowed him to excel in his role as a Web Editor and Social Media Marketer. With a focus on delivering captivating and impactful content, Owais consistently strives to enhance the online presence of brands and effectively communicate their messages to a wide audience. Through his strategic approach and creative insights, he has successfully built and managed social media campaigns that have generated significant reach and engagement. Owais's ability to effectively leverage digital platforms and optimize content for online consumption has proven invaluable in the ever-evolving landscape of web editing and social media marketing. His dedication to staying up-to-date with the latest trends and techniques ensures that he remains at the forefront of digital strategies, enabling him to drive meaningful results for clients and brands.

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