Bitcoin reacted to the publication of data on inflation in the U.S.
Price of the first cryptocurrency rose to $ 17.9 thousand after it became known that the growth rate of the U.S. consumer price index declined
Bitcoin rate reacted with growth to the publication of data on inflation in the United States. The price of the first cryptocurrency rose from $17.4 thousand to $17.95 thousand, according to CoinGecko. During the day, the value of bitcoin increased by 5.2%. At 18:30 NY time, the coin is trading around $17,900.
U.S. inflation was 7.1% in November after a month earlier the figure was 7.7%. The forecast for November was 7.3%. The new data showed that core U.S. consumer inflation in November was below expectations.
The inflation data influence the U.S. Federal Reserve's decisions on key rate changes. If inflation declines, the regulator may decide to slow the pace of rate hikes. The release of the data on December 13 bolstered expectations that at the end of the two-day meeting, the key rate may be raised by 0.5 p.p. to 4.25-4.5% per annum, rather than by 0.75 percentage points (pp) in the evening of December 14.
Rates of leading altcoins also rose on the back of this news. Ethereum rose by 6.7% to $1,300 overnight, the price of Ripple rose by 4.7% to $0.39, and the value of Polygon rose by 5.7% to $0.93. The market capitalization of cryptocurrencies rose 4.1% to $912 billion in the past 24 hours.
