"Before the CPI, the price of BTC was already high, so now it might be slow for a while. But…”
After the publication of the Consumer Price Index (CPI) data by the United States (US) Bureau of Labor Statistics yesterday, the entire cryptocurrency market including Bitcoin (BTC) was seen not to make significant price movements, in contrast to the more lively currency market.
Expectations to surge higher have been misplaced, BTC price is currently hovering below the $30,000 mark in the past 24 hours while Ethereum (ETH) is at $1,918 even though inflation in March saw a 5.0% decline lower than the expected 5.1%.
Please note that the CPI report is lower than the previous month which recorded inflation of 6.0%, and this is the lowest level of US inflation since May 2021.
Meanwhile, the annual rate of core CPI in the US in March was 5.6% compared to previously at 5.5%, where it ended five consecutive months of decline and led to a drastic decline in the US Dollar Index (DXY).
Nevertheless, the crypto market is likely to surge higher even though it is currently in flat momentum following the decline in inflation that could weaken the US dollar as the Federal Reserve (Fed) moves towards slowing monetary tightening.
On the other hand, BTC whales have transferred around 11,000 digital assets worth $330 million to crypto exchange company Bitfinex on Wednesday yesterday when the price was at $30,114.
The streak, buying and selling of whales can have a big impact on the crypto market, so investors should always monitor their behavior carefully in order to anticipate market movements.
