Business News Asia
Expecting inflation to peak in the U.S., bitcoin rose above $22,000, reaching its highest level in nearly a month. This could ease pressure for the Federal Reserve (Fed) to raise interest rates.
Bitcoin jumped 3.39% to $22,335.11.
Investors are waiting today for the release of the U.S. Consumer Price Index (CPI) for August, which is the last important economic data before the Fed’s monetary policy meeting on Wednesday, September 20-21.
Analysts expect the CPI to show that inflation in the U.S. has peaked.
The general CPI, which includes food and energy, is expected to rise 8.1% year over year in August, a slowdown from 8.5% in July.
If the consumer price index were to fall in August compared with the previous month, this would be the first decline since May 2020.
Bitcoin has also benefited from the devaluation of the dollar, which has boosted purchases of risky assets, including cryptocurrencies.
However, bitcoin is still down more than 50% since the beginning of 2022 and has fallen below the $69,000 it reached in November 2021. This is the highest level in history before it fell below $20,000 in June 2022.
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Tuesday, September 13, 2022