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US Consumer Price Index and Federal Open Market Committee Meeting May Impact Bitcoin Price

US Consumer Price Index and Federal Open Market Committee Meeting May Impact Bitcoin Price

2024/04/08 15:12

According to U.Today, on April 10, the United States will release the Consumer Price Index (CPI) for March, which is an indicator of inflation that may affect the Federal Reserve’s decision on interest rates. The next day, the United States will release the minutes of the March Federal Open Market Committee (FOMC) meeting, and it is more likely that interest rates will remain unchanged in May. These decisions often directly or indirectly affect the performance of digital assets, specifically Bitcoin. When interest rates remain unchanged, it usually means the economy is stable and does not need to raise interest rates to curb inflation. For Bitcoin and digital assets, stable interest rates may be viewed as a "good thing" because it makes borrowing cheaper, potentially leading to more investment flowing into riskier assets such as cryptocurrencies. Currently, the price of Bitcoin is around $71,539, and if news on April 10th and 11th shows that the U.S. economy is in good shape, Bitcoin may receive a boost as more investors may want to increase their exposure.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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