"Hmm, actually the price of BTC was boring yesterday because it was just there."
The release of the United States (US) Consumer Price Index (CPI) data for September which saw an increase of 3.7% against the expected 3.6% has caused the price of the king of cryptocurrency Bitcoin (BTC) to fall below $26,600.
It was reported that core CPI excluding food and energy prices rose 0.3% for September which was the same increase as recorded in August.
That streak, investors can't wait for key economic data that can be an indicator of whether the Federal Reserve (Fed) will raise interest rates or not during the next meeting of the Federal Open Market Committee (FOMC).
The FOMC meeting scheduled for early November 2023 could leave risky assets like crypto in a state of uncertainty as the US central bank is more likely to raise interest rates by 2024.
As such, the entire crypto market has struggled to maintain positive momentum this week and the prices of most digital assets have been falling right after the CPI data was released last night.
According to Kaiko analyst Dessislava Aubert, the crypto market could see significant volatility following liquidity and volume that are at multi-year lows.
In addition, there is high inflation in the US which can result in investors selling BTC, but it should be noted that some still view the digital asset as more than a safe-haven asset such as gold.
As of this writing, the price of BTC has jumped by 0.23% to $26,812 in the last 24 hours with a market cap of $523 billion but is still down 2.59% over the past week.
