Bitcoin, Ethereum, Dogecoin Trade Mixed After August CPI Inflation Comes In Hotter Than Anticipated: Analyst Predicts Beginning Of New Bull Market, Expects King Crypto To Reach $60K Levels
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies showed mixed performance following the release of the U.S. government’s Consumer Price Index (CPI) report for August, which revealed slightly higher than anticipated data. Bitcoin and Ethereum saw gains, while Dogecoin experienced a slight loss. The report revealed that inflation surged to 3.7% on a year-over-year basis, surpassing economist predictions of 3.6%. Crypto analyst Michael Van de Poppe stated that the current market decline is not significant and should not have much impact. Another analyst, Miles, predicted that Bitcoin has the potential to reach $60,000.
September 14, 2023 | 3:00 am
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NEGATIVE IMPACT
Dogecoin experienced a slight loss following the release of the CPI report.
The CPI report, which showed higher than expected inflation, seems to have had a negative impact on Dogecoin.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin experienced a gain following the release of the CPI report. Analysts predict potential for Bitcoin to reach $60,000.
The CPI report, which showed higher than expected inflation, seems to have had a positive impact on Bitcoin. The prediction of Bitcoin potentially reaching $60,000 also indicates a positive outlook for the cryptocurrency.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum also saw a gain following the release of the CPI report.
The CPI report, which showed higher than expected inflation, seems to have had a positive impact on Ethereum.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80