{"id":172870,"date":"2023-10-12T16:24:35","date_gmt":"2023-10-12T10:54:35","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=172870"},"modified":"2023-10-12T16:24:35","modified_gmt":"2023-10-12T10:54:35","slug":"wall-street-estimates-on-us-cpi-bitcoin-to-rebound-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wall-street-estimates-on-us-cpi-bitcoin-to-rebound-crypto-news\/","title":{"rendered":"Wall Street Estimates On US CPI, Bitcoin To Rebound – Crypto News"},"content":{"rendered":"

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The U.S. Bureau of Labor Statistics to announce the consumer price index<\/a> (CPI) data for September today. The annual inflation rate in the U.S. is expected at 3.6%, falling 0.1% from last month. The CPI inflation has increased for two months<\/a> after falling to 3% in June. The headline CPI rising for the third consecutive month is concerning for stocks and crypto markets, delaying Bitcoin\u2019s upside momentum.<\/p>\n

Meanwhile, core inflation, which excludes volatile food and energy, has also slowed to 4.1% from 4.3%. This CPI release is key data that will determine whether the U.S. Federal Reserve<\/a> opts for further monetary policy tightening or a pause. The Fed kept interest rates unchanged last month to analyze the impact of recent hikes to curb inflation.<\/p>\n

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JPMorgan estimates a high possibility of CPI coming in at 3.6%. Analysts predicted that it will influence markets to pick up slight upside momentum. PPI and Core PPI inflation came in significantly above expectations on Wednesday.<\/p>\n

Goldman Sachs, Bloomberg, Morgan Stanley, Barclays, Nomura, Citi, HSBC, and Wells Fargo also expect CPI to come in at 3.6%. Whereas, National Bank and CIBC predict CPI at 3.7%. However, RBC predicts a further drop in CPI to 3.5% for September.<\/p>\n

Several Federal Reserve officials in recent days have suggested the central bank may not raise its benchmark interest rate any further than its current 22-year high. However, Fed officials made hawkish comments<\/a> after the International Monetary Fund (IMF)\u00a0<\/strong>warned of inflation and less economic growth in 2024.<\/p>\n

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Meanwhile, the US dollar index (DXY<\/a>) fell to 105.54, providing support for BTC price to rebound for an upside trajectory. Traders remain skeptical amid the uncertainty in the market, keeping them away from trading. On the contrary, institutional investors have started investing<\/a> in the crypto assets last week.<\/p>\n

Also Read: Sam Bankman-Fried Requests Clarification And Reconsideration From Court<\/a><\/strong><\/p>\n

Bitcoin and Altcoins Goes Into Correction<\/h2>\n

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A higher-than-expected CPI report is bearish for\u00a0<\/span>crypto<\/span>, while a lower-than-expected reading should be taken as bullish. Consider core CPI data for the month is crucial amid an increase in oil prices due to the Israel-Hamas conflict.<\/span><\/p>\n

BTC price<\/a> is showing volatility before the CPI data, with the price currently trading down 2% at $26,746. The 24-hour low and high are $26561 and $27323, respectively.<\/p>\n

Meanwhile,\u00a0ETH price<\/a> fell more than 2% in the last 24 hours. The price trades at $1545, with a 24-hour high of $1538. The trading volume has also decreased in the last 24 hours.<\/p>\n

XRP price<\/a> fell below support and currently trades at $0.48, also down 2% in the last 24 hours.<\/p>\n

Also Read: Binance Vs SEC Judge Announces Multiple Orders, Limits Amicus Curiae Filings<\/a><\/strong><\/p>\n

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\u2713 Share:<\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The U.S. Bureau of Labor Statistics to announce the consumer price index (CPI) data for September today. The annual inflation rate in the U.S. is expected at 3.6%, falling 0.1% from last month. The CPI inflation has increased for two months after falling to 3% in June. The headline CPI rising for the third consecutive […]<\/p>\n","protected":false},"author":2,"featured_media":155040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-172870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=172870"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172870\/revisions"}],"predecessor-version":[{"id":172872,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172870\/revisions\/172872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/155040"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=172870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=172870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=172870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}