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MICA Daily | Latest CPI inflation index is lower than expected, the encryption market rebounds strongly.
Yesterday, the U.S. Department of Labor released the latest December consumer price index (CPI) report, showing that the annual inflation rate of CPI in the United States is 2.9%, and the core CPI is 3.2%, which is in line with or slightly lower than expectations. However, the monthly increase reached 0.4%, mainly due to the Rebound in food and energy prices. Assuming only the core CPI, the astonishing monthly increase is 0.1%, significantly lower than the frequent 0.3% to 0.4% increase over a year ago.
In response, the cryptocurrency market reacted strongly, with the price of Bitcoin quickly rising from $97,000 to $100,000, hitting a one-week high. Since hitting a low of $90,000 after the sell-off earlier this week, Bitcoin has risen by nearly $10,000. Analysts believe that the cryptocurrency market may be preemptively reacting to inflation data and investors are positioning themselves ahead of the news, successfully creating a Rebound. However, we believe that this surge is more like clearing out short leverages, and the trend going forward needs further observation.
Overall, the price index is no longer a surprising macroeconomic index. The continued decline in inflation is expected. The market is just finding an excuse to raise prices and clear out the short sellers, without any structural changes. It is currently more like a rise in response to inflation and the theme of Trump's upcoming inauguration on January 20, combined with the short positions generated by the sale of California wildfire, the cryptocurrency market has coincidentally encountered strong upward momentum.
Statement: The article represents the author's personal views and does not represent the perspective and position of the blockchain. All content and views are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and the blockchain will not be responsible for any direct or indirect losses incurred by investors in their transactions.
〈MICA Daily | The latest CPI index is lower than expected, and the crypto market rebounds strongly〉This article was first published in "Block Times".