The post CPI Data Drops Below 3% For First Time Since March 2021! appeared first on Coinpedia Fintech News
The latest data from the U.S. Bureau of Labor Statistics reveals that July’s Consumer Price Index (CPI) inflation rate has fallen to 2.9%, breaking its forecasted rate of 3%.
With this drop, the U.S. CPI has broken its streak of 39 months with an inflation rate at or above 3% and the fourth consecutive month of declining CPI inflation. Notably, this suggests a potential shift in the environment of the current financial landscape.
Cooling Inflation Trends
The U.S. CPI inflation rate eased to 2.9% in July, down from 3.0% in the previous month, and 3.3% in May. This decline indicates a cooling trend in inflation over the past year.
The latest CPI data came out at 2.9%, slightly below the anticipated 3.0%. This is a strong indicator that inflation is constantly cooling down at a steady rate. This further increases the possibility of a rate cut in September of this year.
With this, the cryptocurrency market may experience a significant uptrend in valuation during the coming time.
Bitcoin (BTC) Price Action
Post-release of the CPI data, Bitcoin’s price surged by 2%, currently trading at $58,859. Further, with the bulls continuing to gain momentum, the BTC price could record a high of $ this month.
Notably, the recent price surge suggests that the investors are holding on to their positions and have declined the option of booking the profits.
Thus this bullish environment suggests that the star crypto could rise even higher, potentially exceeding 15%. With the current positive market momentum, Bitcoin could slingshot to $60,000 soon.