{"id":211067,"date":"2023-12-12T16:50:50","date_gmt":"2023-12-12T11:20:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/wall-street-sees-us-cpi-inflation-easing-to-3-1-bitcoin-and-crypto-market-to-rebound-crypto-news\/"},"modified":"2023-12-12T16:50:52","modified_gmt":"2023-12-12T11:20:52","slug":"wall-street-sees-us-cpi-inflation-easing-to-3-1-bitcoin-and-crypto-market-to-rebound-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wall-street-sees-us-cpi-inflation-easing-to-3-1-bitcoin-and-crypto-market-to-rebound-crypto-news\/","title":{"rendered":"Wall Street Sees US CPI Inflation Easing To 3.1%, Bitcoin And Crypto Market 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) inflation data for November today. The market expects the CPI inflation to ease to 3.1%, the lowest in the last five months. The crypto market will recover from the recent selloff if the inflation data comes in lower than estimates. The annual inflation rate came in at 3.2% for October, slowing from 3.7%.<\/p>\n

Market Recovery In Sight As CPI Inflation Cools<\/h2>\n

Wall Street estimates US CPI inflation cooling again, but core CPI inflation is expected to show some stickiness, with the annual core rate seen steady at 4% and the monthly rate seen rising to 0.3% from 0.2%.<\/p>\n

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Goldman Sachs, Nomura, Citadel, Barclays, Bank of America, RBC, and Citi expect CPI to come in line with consensus at 3.1%. Whereas, JPMorgan, Morgan Stanley, Visa, BMO, and Wells Fargo predict CPI at 3%. However, UBS and CIBS are expecting CPI to remain stagnant at 3.2% for November.<\/p>\n

The cooling CPI inflation will give the U.S. Federal Reserve room to consider lower interest rates in the months ahead. The CME FedWatch Tool\u00a0shows<\/a> a 98.4% probability of announcing a pause at the next FOMC meeting on Wednesday.<\/p>\n

Meanwhile, the US dollar index (DXY<\/a>) also fell under 104. It is now moving near 103.75, which could bring a rebound in BTC price.<\/p>\n

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\u201cShort-term inflation expectations have come down sharply on lower energy prices in recent months. That makes more room for the Fed to consider rate cuts as downside risks for activity and upside inflation risks become more balanced, said Bloomberg economists Anna Wong and Stuart Paul.<\/p>\n

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Also Read: XRP Lawyer John Deaton Lashes Out At Sen Elizabeth Warren & SEC Chair Gary Gensler<\/a><\/strong><\/p>\n

Bitcoin and Other Crypto Price Action After CPI<\/h2>\n

CoinGape warned<\/a> about a potential upcoming crypto market correction to $40k this week citing factors including Bitcoin CME Gap.<\/p>\n

Analysts expect a continuation in BTC price upwards as a pullback was necessary for confirming further rally to $50k and potentially to $60k.<\/p>\n

BTC price<\/a> is currently trading at $41,771, down more than 1% in the last 24 hours as traders await PCI data. The 24-hour low and high are $40,234 and $42,470, respectively. Furthermore, the trading volumes has increased by 20% in the past 24 hours, indicating interest among traders.<\/p>\n

Also Read: Cathie Wood\u2019s Ark Invest Sells $2M Coinbase & $13M GBTC Shares, Buys Meta<\/a><\/strong><\/p>\n

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