Bitcoin price sees $94K dip as crypto retreats on US CPI overshoot
Bitget Academy2025/02/13 05:18
By:Bitget Academy
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Bitcoin sags as inflation worries return to crypto markets on the back of a grim January CPI print. Bitcoin dipped below $95,000 around the Feb. 12 Wall Street open as US inflation data beat estimates across the board.
The January print of the Consumer Price Index (CPI) was higher than expected on both monthly and yearly timeframes.
Data from the US Bureau of Labor Statistics (BLS) confirmed that CPI rose 0.5% last month, a conspicuous 0.2% more than anticipated. The year-on-year increase was 3% versus a forecast of 2.9%.
“Headline CPI inflation is up for 4 straight months and Core CPI is officially back on the rise again. Inflation in the US is HOT,” trading resource The Kobeissi Letter wrote in part of a
response on X. “This officially marks the highest CPI inflation reading since June 2024. Even more concerningly, headline CPI inflation rose by +0.5% MoM, a massive jump. Rate cuts will be delayed even further.”
The latest estimates from CME Group’s
FedWatch Tool thus showed bets on the Federal Reserve cutting interest rates at its next meeting in March, dropping sharply to just 2.5%. Traders additionally lowered the likelihood of cuts coming in the first half of 2025, instead favoring October as the next date for policy easing.
Source:
CoinTelegraph
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