Bitcoin Rises above $26,500 as US Inflation Hits Forecasts

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Last Updated on March 15, 2023 by Bitfinsider

In February, inflation in the United States increased by 0.4% month on month and 6% year on year.

The statistics released today corresponded to Dow Jones and Nomura forecasts. Bitcoin skyrocketed in response to the news, surging past $26,500 before plummeting again.

The inflation number for February is only the second to be determined using the BLS’s new weighting method. The Consumer Price Index (CPI) will be based on a single calendar year of statistics, beginning in 2021 with consumer spending data. The data was previously computed using two years of expenditure statistics.

The Federal Reserve of the United States will announce its newest interest rate decision next week, on March 22. The central bank was anticipated to raise interest rates. Chair Jerome Powell didn’t rule out a rate rise last week, despite the fact that three U.S. banks have collapsed since, offering some optimism that the Fed will lighten up on its bold increases.

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