Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%

Time Stamp: February 10, 2022 8:45 AM
Source Node: 1170263

Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on.

  • The Consumer Price Index (CPI) is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.
  • Many people also refer to it as an approximation of the current inflation rates.
  • There are indexes available for various states and geographic areas.
  • For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.
  • February 2022 CPI information is scheduled for release for March 10th.
  • With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.
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Chart by TradingView
  • At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.

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