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Huge fluctuations in the price of Bitcoin, coinciding with the announcement of the inflation rate in the United States of America

Huge fluctuations in the price of Bitcoin, coinciding with the announcement of the inflation rate in the United States of America

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Answer Huge fluctuations in the price of Bitcoin, coinciding with the announcement of the inflation rate in the United States of America

The price of Bitcoin has been on a roller coaster ride in the past few hours, following the release of the CPI numbers for February 2022.

The crypto market remains as volatile as ever.

After skyrocketing from $39,000 to $42,000, the bitcoin price fell again to $39,000 in less than 40 hours, continuing its oscillatory journey.

The reason for the recent volatility is the monthly release of CPI figures in the USA.

On the 10th of each month at 8:30 ET, the US Bureau of Labor Statistics releases CPI numbers for the previous month.

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The consumer price index means:

A measure of the time-varying average prices that consumers pay for a basket of consumer goods and services.

This has also become a very popular way of measuring inflation to some extent, which the crypto community monitors every month.

For February, the figure is 7.9%, which is a 0.5% increase from January and a 6.4% increase from last year.

It is worth noting that these percentages recorded are the highest in decades.

The price of Bitcoin remained reactive and jumped to $ 40.3 thousand in minutes and fell to $ 38,500 at the same speed.

At the time of writing this article Bitcoin is trading at $39,000.

Data revealed from CoinglassThe volatility has led to the liquidation of deals worth $44 million in the past 24 hours.

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