U.S. Inflation is at 8.3% and the Bitcoin market has dropped $1k in 1min

onwugbenuvictor in #hive-167922 • 2 years ago

So the crypto market has always reacted to the Consumer Price Index (CPI) announcement by the United States Federal Reserve Board (FED) which decides the inflation rate in the United States, the CPI data is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. A lot of people think the United States Federal Reserve Board has been lying about or withholding the real inflation rate, and recently the FED spoke about reducing the inflation rate of the United States drastically and said the United States citizens should brace for more pain.

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Reactions to the Consumer Price Index (CPI) announcement by the United States Federal Reserve Board (FED)

A few moments ago the federal reserve board has announced that the new inflation in the United States is now 8.3%, my question is how are people going to react, is it going to be good or bad, I hope it is good because the inflation the FED announced is 0.2% for the former recorded inflation rate of 8.5%, which was way better than 9.1% some months back, but the question still remains is this the real inflation rate or the government inflation that is used as a cover to the actual inflation rate.

Regarding the question of how the crypto market is going to react to the market, whether good or bad, am not happy to say this but the crypto market is reacting negatively or badly to the Consumer Price Index (CPI) data announcement as the market is dropping hard and fast, the Bitcoin market is dropping and has dropped $1k in just one minute and as usual, the crypto market is going down with it, it is quite sad but it was expected because as usual, it is either the market reacts positively or negatively meaning it either pumps or dumps. most people including me expected the market to pump, but the truth still remains we don't control the market and how people react to news events so let us enjoy the ride even though it is a rough and unpleasant one. And always remember the dip or dump or bear won't last forever.

THANKS GUYS FOR READING MY POST.

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2 years ago in #hive-167922 by onwugbenuvictor

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piensocrates 2 years ago

Every time the FED issues a statement, the prices of many things are affected, positively or negatively, and certainly cryptocurrencies are no exception.

But in the case of Bitcoin, and this is just my personal opinion, we are seeing much more than just supply and demand movements. In other words, in my opinion, we are facing a much more erratic and unpredictable volatility than normal due to much more horrific speculation than usual. And as Bitcoin affects the entire crypto market, we are seeing an intensely bearish crypto market.

Seeing wicks or price candles as pronounced as the one we have seen today on the Bitcoin chart (and most of the cryptocurrencies in the market), can surely be attributed to the FED statement and other macroeconomic factors of interest, but beyond On top of that, there's the unpredictability factor. I mean, how could anyone, based on what the Fed said, anticipate the dimension of the fall that we are witnessing in the market, and the strength and intensity of that fall? I think that is the crux of the matter.

Yes, macroeconomic data is important, but if we don't understand exactly how they can affect an asset up and down, what use are they to us at the end of the day? I believe that it only helps us to be forewarned and to acquire the healthy habit of waiting for the market's reaction for a reasonable time once the FED has issued a statement.

Very interesting your post. I really liked reading it. All the best.

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onwugbenuvictor 2 years ago

First of all, I am sorry for the late reply I was a bit busy, and in my head, I thought I had already reply your comment.

Thanks for the very detailed comment and for reading my post, and you are right, people need to understand that once the FED makes any announcement it is going to affect all markets either positively or negatively.

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