The leading cryptocurrency Bitcoin (BTC) remains above $70,000 after rallying towards $73,000 following the US-Iran ceasefire.
Although oil prices have fallen due to the reports, the war, which has been going on for more than a month, has pushed oil prices above $100. This is indirectly increasing inflation concerns, with analysts worried that the latest rise in energy prices could put new upward pressure on inflation, which the Federal Reserve has long sought to bring down to its 2% target.
There is talk that the Fed may even decide to raise interest rates in the face of inflation risks, with the release of U.S. inflation data for March, which the Fed closely monitors when determining interest rates.
Here are the US inflation statistics released:
Annual Consumer Price Index: Announced 3.3% – Expected 3.4% – Previous 2.4%
Monthly Consumer Price Index: Announced 0.9% – Expected 1.0% – Previous 0.3%
Annual Core Consumer Price Index: Announced 2.6% – Expected 2.7% – Previous 2.5%
Monthly Core Consumer Price Index: Announced 0.2% – Expected 0.3% – Previous 0.2%
The Consumer Price Index is an important variable used to measure changes in consumer purchasing trends and inflation in the United States.
According to the Kovesi Letter, CPI inflation has reached its highest level since May 2024, amid the Iran-Iraq conflict. Additionally, the Fed’s 2026 rate cut was excluded from pricing.
Bitcoin initial reaction after CPI data!
*This is not investment advice.
