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Bitcoin and altcoins rise in price as inflation drops in the United States

Bitcoin and altcoins rise in price as inflation drops in the United States

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Answer Bitcoin and altcoins rise in price as inflation drops in the United States

In the latest statement by US President Joe Biden:

Today we received news that our economy was experiencing zero percent inflation in July. Zero percent.

Bitcoin jumps above 24 thousand dollars:

Bitcoin, and other major cryptocurrencies, were in a free fall during the early months of 2022 due to macroeconomic concerns and the geopolitical climate.

But the outlook towards the crypto market has changed and cryptocurrencies have rebounded strongly.

Most cryptocurrencies fell on July 9 in anticipation of the inflation report, with Bitcoin dropping about 4% to $23,100 after rising above $24,000 on Monday while Ethereum fell more than 5%.

Read:Was Craig Wright behind the Mt. Gox” in 2014?

Then the price rebounded again, with Bitcoin trading above $24,500 and Ethereum trading just under $1,900 at the time of publishing this article.

Biden’s quest to reduce inflation:

In response to the report, President Joe Biden emphasized that the current approach to curbing inflation had been successful and that Congress should pass the Inflation Reduction Act.
Biden said at a White House press conference:

The economic plan is working.

The second goal is to build an economy that rewards work.

While inflation was accelerating, reports indicate that GDP declined for the first two quarters of 2022.

The inflation report highlights that energy costs slowed for the month of July, falling by 4.6%, despite maintaining an upward curve in 2021 at 32.9%.

Gasoline prices are down 7.7% month over month, providing some relief to drivers, but they are still 44% higher than the year before.

Food expenditures in the US continued to rise, increasing 1.1% during the month and rising 10.9% year-on-year, the largest increase since May 1979 according to analysts.

The disclosure of the data contributed to the emergence of mixed reactions from those who watched the trends of inflation and monetary policy.

Read:Here’s what happened to LUNA and why it crashed below $10?

The possibility that US interest rates will not rise as high as previously thought also caused the dollar to fall, which fell more than 1% against a basket of major trading partner currencies according to the New York Times.

Read also:

Project Polygon launches a bridge for web users 3 that allows assets to be transferred to Ethereum

Bitcoin soars nearly $24,000 as US inflation slows to 8.5%


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