"Yesterday's CPI data was a bit boring, BTC price doesn't seem to have a very noticeable reaction right?"
The price of cryptocurrency king Bitcoin (BTC) saw a climb up to $48,937 as the United States (US) Consumer Price Index (CPI) data release last night showed a 3.4% increase for December 2023 compared to an expected 3.2%.
As the inflation data is higher than before at 3.2% for November 2023, the entire crypto market is expected to see higher inflows which will give investors excitement.
Higher-than-expected inflation was also reflected in the change in the core CPI rate where it rose 3.9% in December last year and was lower than November's 4.0%, but exceeded expectations of 3.8% on an annual basis.
However, it should be noted that the crypto market which is expected to react to the price increase does not seem to show any proper performance in the first minute after the CPI data was reported by the Bureau of Labor Statistics (BLS).
There's no denying that DXY posted a surge this time around, but BTC was largely unchanged as its price rose just 0.58%.
Please note that the broader crypto market's bullish signal has been fueled by the approval of the BTC ETF spot application which has sent the price of the digital asset soaring above its current levels.
As of this writing, BTC price has plunged back by 0.95% to $46,218 in the past 24 hours with a market cap of $905 billion but still recorded a 7.07% jump over the past week.
