The United States government just released the latest CPI data, indicating that inflation has finally begun to ease following several consecutive months with record-setting numbers.

As with previous examples, the price of bitcoin reacted almost immediately with a surge towards $24,000.

Ever since the start of the year, the inflation numbers from the US have impacted BTC’s price since the cryptocurrency is considered a widely riskier asset.
For several consecutive months, the US had to announce record-breaking inflation percentages, with the latest in July being at 9.1% – the highest in over 40 years.
However, due to the declining oil prices, expectations were that the Consumer Price Index will be lower in July for the first time in a while.
Minutes ago, the US indeed outlined a lower inflation number of 8.5% for the previous month, which was 0.2% less than what most predictions envisioned.
As with previous examples, BTC reacted immediately and soared by almost $1,000 to just under $24,000. However, the cryptocurrency could be inclined to more volatility in the following hours, history shows.
The price increase could be related to investors’ general approach to the asset class since the CPI numbers give a broad suggestion of what the US Federal Reserve could do in the next meeting in September.

The post Bitcoin Soars Towards $24K as US Inflation Slows Down to 8.5% appeared first on CryptoPotato.