Better-than-expected US inflation should have lifted Bitcoin. Here’s what happen
- Kunji expert explains that lately, the markets across the board have shown bullish movement whenever the actual rate has been lesser or equal to expectation and vice versa. While equities(S&P), Energy(SPN), and BTC showed a good correlation, GOLD persistently showed deviation from the group trend.
The slowdown in US inflation data for October month was better-than-expected which shifted the gear in crypto markets for a brief moment. Everything looked rosy and optimistic, Bitcoin surged by around 4%, and Ethereum along with other cryptos too picked up on the day when inflation data was announced. But then came Friday, and the scenario changed drastically as cryptocurrencies are in a bloodbath currently. Bitcoin which is the largest crypto has erased its $17,000 mark. So far this year, past trends showed a correlation between Bitcoin's performance with US inflation data. The latest print of the US consumer price index should have led to an upside for Bitcoin, however, that is not the case. Why? The answer is the crypto exchange FTX.
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