Bitcoin is gaining/falling on the news …Read MoreCoinDesk
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
The consumer price index (CPI) slipped 0.1% in December, roughly inline with expectations for a flat reading. On an annualized basis, the CPI was higher by 6.5%, inline with expectations and down from 7.1% a month earlier.
The core CPI – which strips out volatile items like food and energy – was up 0.3% in December, inline with forecasts. Annualized core CPI was up 5.7%, also inline with forecasts and down from 6% in November.
Bitcoin (BTC) is has slipped about $150 on the news, with traders having bid up the crypto in the days leading up to this morning’s report in hopes inflation would decline ever more.
December marks the 6th consecutive month of inflation slowdown in the U.S., with the rate having peaked in June at 9.06%. While on its face welcome news, the level remains well above the Fed’s 2% target.
Bitcoin has put together a string of gains early in 2023, rising from about $16,500 to begin the year to a one-month high of $18,250 prior to this morning’s report. While part of the advance was likely due to nothing more than some investor bottom-fishing after the crypto’s ugly 2022 run, at least some of the gains were thanks to optimism that the Federal Reserve monetary tightening cycle could come to a close at some point in early-mid 2023.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
