{"id":20360,"date":"2025-01-15T18:53:34","date_gmt":"2025-01-15T16:53:34","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-jumps-above-99000-as-us-inflation-ticks-up\/"},"modified":"2025-01-15T18:53:34","modified_gmt":"2025-01-15T16:53:34","slug":"bitcoin-jumps-above-99000-as-us-inflation-ticks-up","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-jumps-above-99000-as-us-inflation-ticks-up\/","title":{"rendered":"Bitcoin jumps above $99,000 as US inflation ticks up"},"content":{"rendered":"<p>In December 2024, US inflation <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">rose<\/a> by 0.4%. Year on year, the <span data-descr=\"consumer price index\" class=\"old_tooltip\">CPI<\/span> increased by 2.9%.<\/p>\n<p>Core inflation excluding food and energy rose 3.2% year on year and 0.2% month on month.<\/p>\n<p>Services prices excluding shelter and energy increased by 0.3%.<\/p>\n<p>The data published by the US Bureau of Labor Statistics (BLS) <a href=\"https:\/\/www.cnbc.com\/2025\/01\/15\/cpi-inflation-december-2024-.html\">matched<\/a> analysts\u2019 expectations.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cToday\u2019s consumer price index may help the <span data-descr=\"US Federal Reserve System\" class=\"old_tooltip\">Fed<\/span> feel a little more restrained. It will not change expectations of a pause this month, but should temper some of the talk of a possible rate increase. [\u2026] Judging by the market\u2019s initial reaction, investors seem to have felt relief after several months of firmer inflation readings,\u201d said Morgan Stanley Wealth Management chief economist-strategist Ellen Zentner.<\/p>\n<\/blockquote>\n<p>PGIM Fixed Income\u2019s chief US economist Tom Porcelli also believes the December figures eased investors\u2019 fears of an inflation pickup.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u201cThis is exactly, I think, what we needed,\u201d PGIM Fixed Income chief US economist Tom Porcelli says on the December CPI report, adding: \u201cWe\u2019re really close to getting toward neutral.\u201d <a href=\"https:\/\/t.co\/q7qRSqKoZe\">pic.twitter.com\/q7qRSqKoZe<\/a><\/p>\n<p>\u2014 Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1879533415709516261?ref_src=twsrc%5Etfw\">January 15, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI think this is exactly what we needed. [\u2026] We are really close to getting toward neutral,\u201d he noted in an interview with Yahoo Finance.<\/p>\n<\/blockquote>\n<p>MN Trading founder Micha\u00ebl van de Poppe noted that CPI and the <span data-descr=\"producer price index\" class=\"old_tooltip\">PPI<\/span> showed a slight deviation from expectations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Core CPI slightly lower than expected, after PPI being significantly lower yesterday than expected.<\/p>\n<p>Yields &#038; <a href=\"https:\/\/twitter.com\/search?q=%24DXY&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$DXY<\/a> showing weakness, crypto continues to show strength.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1879521992501805479?ref_src=twsrc%5Etfw\">January 15, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cYields [government bonds] and the US dollar index are showing weakness, while crypto continues to show strength,\u201d he said.<\/p>\n<\/blockquote>\n<p>According to CME FedWatch, 97.3% of traders <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html?redirect=\/trading\/interest-rates\/countdown-to-fomc.html\">expect<\/a> the current rate to be maintained.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXePN2cuZUlmAerTGkL5qrnG9frLtI6fiVhTAlQPOe8CY0A4RXGSxa6jwjoRkH9MndtnYN-GxuElZC_qVXCXgxkrfzNtSdPUZHVfYkZdtvqj4a8NhnG5ZB_4dlZwbUlFs8tjcIKTfA?key=qyMBzjXZBV39atw6M8eY88Mg\" alt=\"Bitcoin jumps above $99,000 as US inflation ticks up\"\/><figcaption class=\"wp-element-caption\">Distribution of traders\u2019 expectations regarding rate changes. Source: CME FedWatch.<\/figcaption><\/figure>\n<p>Bitcoin reacted to the macro data with a sharp rise \u2014 the asset jumped from $97,000 to nearly $100,000, but failed to clear the psychological threshold. The digital gold is now holding above $99,000.<\/p>\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcHFX59RWo6xqyoUFZgNTLzttgkdjDB-r0OKOCprpnlmJ7yZ5Za8sUZHGz6Gr9reC4VuXeY27TCCXg7tpdVJI6_dkA9NkS14lcI0xqvFeLBtVDWHJgpM3_l01ltvwi7YdAd2cL0hw?key=qyMBzjXZBV39atw6M8eY88Mg\" alt=\"Bitcoin jumps above $99,000 as US inflation ticks up\" style=\"width:840px;height:auto\"\/><figcaption class=\"wp-element-caption\">15-minute chart of BTC\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/x\/DffIHowf\" title=\"TradingView\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>, all top-10 digital assets by market capitalisation were in the green. Ethereum rose 3.8% over 24 hours, topping $3300.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXe9AwPO08NFhf0UprllHIfZ0owa_CyVPTe6Z6OaP0iDKsItCGfyMtT6xMGNqlcoyWv9e4iHW9URhG_5KrwTMdjdz0KlXDvhhjSHSQVAsohKiI6H58G6ufw-zz2u5-CfyAucAq0EKg?key=qyMBzjXZBV39atw6M8eY88Mg\" alt=\"Bitcoin jumps above $99,000 as US inflation ticks up\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>XRP led daily gains and had shown positive momentum even before the CPI release. At the time of writing, the coin <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AXRPUSDT\">tested<\/a> the $3 mark and trades around $2.98.<\/p>\n<p>Equities also reacted positively to the figures: the S&amp;P 500 index <a href=\"https:\/\/ru.investing.com\/indices\/us-spx-500\">added 1.7%<\/a>, and the Nasdaq 100 \u2014 <a href=\"https:\/\/ru.investing.com\/indices\/nq-100\">2.2%<\/a>.<\/p>\n<p>On December 18, the Fed <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-below-104000-following-fed-rate-cut\">cut<\/a> the target range for the key rate by 25 bps, to 4.25\u20134.5% per annum, which prompted a correction in the crypto market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In December 2024, US inflation rose by 0.4%. Year on year, the CPI increased by 2.9%. Core inflation excluding food and energy rose 3.2% year on year and 0.2% month on month. Services prices excluding shelter and energy increased by 0.3%. The data published by the US Bureau of Labor Statistics (BLS) matched analysts\u2019 expectations. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1249,1224,1145],"class_list":["post-20360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-federal-reserve-system","tag-macroeconomics","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/20360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=20360"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/20360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/20359"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=20360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=20360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=20360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}