Categories: MarketsMenafn

US CPI Data Release: Bitcoin Price Rises Above $98,000

The United States Labor Department released the long-awaited December 2024 Consumer Price Index (CPI) and Core CPI data.

Despite concerns about rising inflation and the US Federal Reserve’s decision not to cut interest rates this year, the prices of many volatile currencies continued to rise. The crypto community eagerly anticipated the US CPI data since it’s a significant economic metric that affects financial markets.

Bitcoin Price Responds to US CPI Data

According to the December 2024 US CPI data, inflation has risen to 2.9%, up 0.2% from the 2.7% seen in November. The US Bureau of Labor Statistics most recent report showed that the CPI of 2.9% is the index’s third consecutive increase.

As analysts forecasted, month-over-month inflation remained at 0.3%. Before the announcement of the CPI data, the price of Bitcoin (BTC) was under $97,000.

After the data release, the crypto asset’s price quickly surpassed $98,500, its highest value in over a week. This sharp rise represents an almost $10,000 rebound from Bitcoin’s recent low of $89,200 on Monday, indicating significant interest in the leading cryptocurrency.

Current CoinGecko data indicates that BTC trades at $99,332.

Bitcoin weekly chart. Source: CoinGecko

Federal Reserve’s Rate Decision

The Federal Reserve’s interest rate decisions at the upcoming FOMC meeting on January 28–29 may be influenced by the US CPI inflation, PPI, and jobs data. Hence, many analysts predict that inflationary pressures might make a second Fed interest rate cut less likely.

The report also showed that the inflation rate was 3.3%, less than the projected 3.5%. The core PPI inflation rate, which was 3.5%, was lower than the 3.8% forecast.

According to an industry analyst, the US’s lower-than-expected inflation figures slowed the recent spike in US Treasury bond returns and pushed investors’ interest into more volatile assets. Despite the release of the US CPI data, its impact on the financial markets (crypto and equity) remains to be seen since Trump’s inauguration will also impact these markets.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Daily $3,000 Income Attracts Investors to APT Miner After XRP and ETH Soar

Los Angeles, California, August 25, 2025, ZEX PR WIRE- As XRP and ETH prices continue…

5 hours ago

$8500 per day? That’s how much XRP holders can earn through blockchain cloud mining!

Start your journey to wealth with one click. London, England, 25th August 2025, ZEX PR…

5 hours ago

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

3 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

3 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

4 days ago

BJMINING Attracts Thousands of New Users Amid Crypto Rally, Delivering $7,000 Daily Returns

London, UK, 22nd August 2025, ZEX PR WIRE- With the launch of Bitcoin and Ethereum…

4 days ago