Bitcoin and cryptocurrencies recently experienced fluctuations due to Germany’s Bitcoin sales and Mt. Gox’s BTC distribution news. BTC dropped to $52,000 but quickly rose above $58,000. Altcoins faced significant pressure. The market was focused on two data points from the US today. The data was just released.
Critical Data Released! Latest Bitcoin Price
The two critical data points awaited by cryptocurrency investors were the US inflation data and the US core inflation data. The expectation for the US inflation data was 3.1%. The announced data shows the figure at 3.0%. This indicates a downward trend in inflation.
The second data point from the US was the core inflation data. The previous figure was 3.4%, and the expectation was also 3.4%. The data shows it at 3.3%. The lower-than-expected data might suggest that the Fed could consider more rate cuts.
Looking at the price of Bitcoin, the flagship of cryptocurrencies, it was at $58,624 at the time of writing. After the data release, Bitcoin was trading at $59,320.
