- The U.S CPI for May accounts to rise by 8.6%.
- BTC drops by $500 instantaneously.
- The rise of CPI leads to the slumping down of BTC.
Just when the Bitcoin (BTC) sees the limelight at touching the $30K benchmark, after a hectic period of market crash, tragedy strikes back again.
Yes, the U.S Consumer Price Index (CPI) for the month of May, 2022 has increased to a whopping 8.6%. This accounts to the highest over the past 40 years.
Inspite of this, the price of BTC has once again slipped down instantaneously with the CPI report for May, 2022.
Impacts of the CPI Rise
The CPI for the month of April, amounted to 8.3%. However, this was said to get lower with the coming month, but unfortunately it rose to 8.6%.
This increase in the CPI has led to extreme hardships and troubles for all, especially the monetary based law and policy makers. They have no other choice but to wait idle as of now.
Accordingly, this tends to affect the whole economy of the U.S, overall. Apart from food, medical, and all other necessities, the crypto market along with BTC ought to face the same situation.
Moreover, the CEO and founder of Affinity Solutions, Jonathan Silver remains skeptical. He states that certain things he’s aware of, portrays positive vibes, denoting the worst is over.
And so, the CPI for the month of June, will not increase and so then will rise up the price and value of BTC evidently. Currently BTC is trading for the price of $29,031, with the graphs for the past 24 hours down by 3.84%.
With this, approximately, BTC is down by $1000, within just for the past 6 hours.