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Home»Bitcoin»Bitcoin – Identifying the Impact of the Fed’s Inflation Rate
Bitcoin

Bitcoin – Identifying the Impact of the Fed’s Inflation Rate

2024-11-01No Comments3 Mins Read
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  • Inflation in September reached 2.1%, approaching the Fed’s target of 2%.
  • Bitcoin’s value fell to $69,263.81 due to profit-taking after a recent rally.

Recent data shows that the Federal Reserve’s headline inflation rate was 2.1% in September, meeting expectations.

This interest rate came closer to the central bank’s target.

Fed inflation analyzed

An October 31 Commerce Department report showed a slight increase in inflation.

The personal consumption expenditure (PCE) price index rose seasonally by 0.2%.

This annual inflation rate of 2.1% was in line with Dow Jones projections. It suggested a steady move toward the Fed’s inflation targets amid continued economic assessments.

PCE data serves as the Federal Reserve’s key inflation indicator. Policymakers also keep a close eye on the additional metrics that guide their decisions.

The Fed targets annual inflation of 2%. This target has not been achieved since February 2021.

Core inflation remains a concern for the Feds, at a rate of 2.7% on record. This represented an increase of 0.3% compared to the previous month.

What’s more?

According to a report from Wu Blockchain,

The US core PCE price index for September was 0.3% MOM, in line with expectations of 0.3%, and the previous value was revised from 0.1% to 0.2%.

It further added,

“The PCE inflation index has seen its largest monthly increase since April, supporting the slowing pace of Fed rate cuts after a sharp cut last month.”

As these numbers unfold, markets expect the Fed to cut short-term interest rates at its meeting scheduled for next week.

Impact on the crypto market

The recent release of key inflation data led to profit-taking in the cryptocurrency market. Bitcoin [BTC] rose to $73,000, the highest level since March.

See also  Bitcoin ETF Could Democratize Crypto: CEO of BlackRock

However, BTC’s momentum did not last. drop to $69,263.81, at the time of writing. This was reflected in a drop of 4.58% over 24 hours.

The decline of the cryptocurrency market was not just limited to Bitcoin.

On November 1, the global cryptocurrency market cap fell to $2.33 trillion, marking a 1.75% drop in 24 hours, according to CoinMarketCap.

In 2022, BTC fell below $20,000 as the entire market faced a recession. This decline was fueled by concerns about how the Federal Reserve is raising interest rates.

But in 2023, Bitcoin rose 1% after FOMC meetings, with gains reaching 3% after a week.

What awaits us?

As the Federal Reserve prepares for its upcoming meeting, market speculation about further rate cuts is mounting.

After a half-percentage point cut in September, when interest rates were adjusted from 4.75% to 5.00%, policymakers expect a quarter-point drop in November and December.

The Fed aims for a policy rate of 3.4% by the end of 2025. It aims for a stability of 2.9% in 2026 and 2027.

This reflects a deliberate approach to achieving neutral interest rates in times of economic headwinds.

Next: Why Did Bitcoin Fall Today? An increase to $73K will again depend on…

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