{"id":203726,"date":"2023-11-30T19:11:47","date_gmt":"2023-11-30T13:41:47","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203726"},"modified":"2023-11-30T19:11:47","modified_gmt":"2023-11-30T13:41:47","slug":"us-pce-inflation-cools-to-3-how-btc-eth-and-xrp-are-responding-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-pce-inflation-cools-to-3-how-btc-eth-and-xrp-are-responding-crypto-news\/","title":{"rendered":"US PCE Inflation Cools To 3%, How BTC, ETH, and XRP Are Responding? – Crypto News"},"content":{"rendered":"

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The investors were eagerly waiting for the US PCE Price Index data, an important gauge to measure inflation, which can set the future stage for the Fed\u2019s decision with its rate hike plans. Meanwhile, according to the latest data by the U.S. Bureau of Economic Analysis, the US PCE Price Index noted no change in October, as compared to an increase of 0.4% in the prior month.<\/p>\n

US PCE Index Soars 3% In October<\/h2>\n

According to recent data, the Core PCE Price Index, a crucial metric for Fed positioning, rose 0.2% in October, as compared to a 0.3% increase in the prior month. Notably, on an annual basis, it advanced 3.5%, as compared to a 3.7% surge seen in the previous month.<\/p>\n

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Simultaneously, the headline PCE Price Index remained unchanged on a month-over-month (MoM) basis in October, with an annual acceleration of 3.0%, as compared to September\u2019s 3.4% advance.<\/p>\n

However, the Wall Street economists predicted a modest 0.1% increase in the personal consumption expenditures price index, attributing it to declines in energy prices. This was expected to bring the annual PCE inflation rate down to 3.1% from September\u2019s 3.4%.<\/p>\n

On the core PCE front, a 0.2% rise was previously anticipated, a slight decrease from the 0.3% seen in September. Analysts predicted the Core PCE inflation rate to decrease by 3.5% from the previous 3.7%.<\/p>\n

<\/p>\n

Meanwhile, in the third quarter, the United States\u2019 real Gross Domestic Product (GDP) demonstrated substantial growth at an annualized rate of 5.2%. This updated figure, reported by the BEA on Wednesday, marks a significant upward revision from the initial reading of 4.9%.<\/p>\n

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In addition, detailed insights from the report indicate revisions in the PCE inflation, which was adjusted down to 2.8% on a quarterly basis in Q3 from the initial 2.9%. Similarly, the Core PCE inflation was downgraded to 2.3% in Q3 from the earlier flash estimate of 2.4%.<\/p>\n

How The Crypto Market Reacts?<\/h2>\n

The crypto market has been highly volatile lately, with investors reflecting a cautious stance amid several macroeconomic concerns and other related factors. However, soon after the PCE inflation data release, the global crypto market cap slipped 0.85% over the last 24 hours to $1.42 trillion. In addition, its trading volume fell 18% to $45.7 billion at the same time.<\/p>\n

Among individual cryptos, the Bitcoin price fell 0.83% to $37,874.91 during writing, with its trading volume declining 22.37% to $19.59 billion. However, the crypto has added over 9% in November, amid growing confidence in the market due to speculations over Bitcoin Spot ETF approval.<\/p>\n

Meanwhile, the Ethereum price plunged 0.95% to $2,039.77 at the same time, and its trading volume fell 14.06% to $8.82 billion. Simultaneously, the XRP price plummeted 1.36% to $0.6038, while the Solana price stayed near the flatline in the last 24 hours and traded at $60.71 on November 30.<\/p>\n

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/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 investors were eagerly waiting for the US PCE Price Index data, an important gauge to measure inflation, which can set the future stage for the Fed\u2019s decision with its rate hike plans. Meanwhile, according to the latest data by the U.S. Bureau of Economic Analysis, the US PCE Price Index noted no change in […]<\/p>\n","protected":false},"author":2,"featured_media":150938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-203726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203726","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=203726"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203726\/revisions"}],"predecessor-version":[{"id":203728,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203726\/revisions\/203728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150938"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}