First of all, The Consumer Price Index (CPI) 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. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available The United States Consumer Price Index (CPI) Report for the month of September is scheduled to be released later today, Thursday, 13th October.
The United States Consumer Price Index (CPI) data have been known to affect both the stocks and Crypto market prices and most times it is not in a good way because how it affects the crypto market depends on how people react to the news, if they react to it in a positive way we could so a pump in the crypto market in this struggling month of October or Uptober, which all of us expected to live up to its name and give us a good pump as October supposed to be the most favorable month for Bitcoin and the crypto market in history, I think only twice in the 13 years Bitcoin has been functioning that October did not give us a pump.
Now back to the U.S. CPI data announcement and how it will affect the crypto market, if people react to the outcome of the U.S. CPI data in a negative way, I am sure we all know what will happen next the market will crash or dip so let us brace ourselves for what comes next pending on what the outcome of the announcement is going to be because we all know that people sentiments in the crypto market determine the direction the market will follow positive means it will pump and negative means it will dump or dip.
Now, while we await the U.S. CPI data to be released later today, everyone has their own forecasted inflation rate that they are expecting to show as the news headline when the CPI data is announced and how they would respond to the inflation report outcome, the most popular expected outcome are if the inflation rate is 8.1% or higher they are expected to buy but if the inflation rate is 8.1% and lower they are expected to sell, for me, I am just waiting to see what the outcome would be first and how people react to it before I decide.
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