Bitcoin Price Prediction – US Inflation Hits 40 Year High, Fuels Big Rate Hike Sentiment
Most cryptocurrencies experienced a bloodbath during the US session, with a dramatic selling trend following the release of US CPI figures. Recalling our Asian session Bitcoin price prediction, Bitcoin has traded dramatically bearish, losing more than 3% to trade below $19,000. In September, a key measure of consumer prices in the United States hit a 40-year high, highlighting persistent, higher inflation that is putting pressure on households and driving the Federal Reserve toward another large interest rate hike. Why is Crypto Crashing - CPI Day Data September 2022 marked the third consecutive month in which annualized consumer price inflation in the United States was less than 9%. It was the lowest rate since February, but it was still higher than the 8.1% predicted by the market. The core CPI increased by 0.6% over the previous month for the second time in three months. The Consumer Price Index (CPI) rose 0.4% month-over-month and 8.2% annually. US Inflation