The bitcoin exchange rate fell below $19,000 after the publication of data on the highest inflation
Today, on July 13, bitcoin fell by $ 800 after the publication of data on the consumer price index in the United States, which turned out to be significantly worse than preliminary estimates. Inflation in the US exceeded expectations by as much as 0.3%, which led to a sharp strengthening of the dollar and a fall in the euro below the level of parity against the dollar.
It was expected that the consumer price index would correspond to 8.8% year-on-year, however, according to June, it was 9.1%.
CHART OF THE CONSUMER PRICE INDEX. SOURCE: U.S. BUREAU OF LABOR STATISTICS
Such high inflation actually guarantees a further increase in the US Federal Reserve rate, so the mood of traders who trade risky assets, including cryptocurrencies, has deteriorated sharply.
Trader of the Amsterdam Stock ExchangeMichael van de Poppe noted that bitcoin should have held the $19,500 level to avoid further downward movement.
1-HOUR BTC/USDT CHART. SOURCE: BINANCE
Data on the consumer price index also affected the US dollar index (DXY), which jumped to a new 20-year high, corresponding to 108.58.
Charles Edwards, CEO of the investment company Capriole, drew attention to the fact that for only 12 of the last 120 years, inflation in the United States exceeded 9%.
1-DAY CHART OF THE US DOLLAR INDEX (DXY)
At the time of publication, bitcoin has returned to a level close to $20,000. And the dollar index, on the contrary, declined slightly.
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