“Bitcoin Flops as Inflation Roars: The Crypto Tailspin You Didn’t See Coming šš„”
What to know:
- CPI came in š„ hotter than expected in January, much to everyone’s chagrin (or schadenfreude?).
- Core CPI betrayed the optimism of economists hoping inflation would take a chill pill.
- Bitcoin, ever the drama queen, nosedived below $95K faster than you can refresh your app.
January’s inflation came stomping in like a bad dinner guest, loud and uninvited, sending not just crypto but traditional markets into a whirlwind of “Oh no, not again šŖļø.”
The Consumer Price Index (CPI) decided it needed to make its presence felt, rising by a stubborn 0.5%, as if Decemberās 0.4% and the forecasted 0.3% were mere whispers in a financial windstorm. On a year-over-year basis, CPI flexed its muscles at 3.0%, defying those who dared to hope for a demure 2.9%.
Core CPI, which supposedly ignores the madness of food and energy costs, didnāt miss a beat in its rebellion. It rose 0.4% in January, sneering at the expected 0.3%, because why not? The year-over-year figures? Oh, just 3.3% when everyone was mentally banking on 3.1%. Typical.
And Bitcoin? Ah, Bitcoin! Our beloved digital cowboy couldnāt handle it. Already on a shaky horse this week, the news had it plunging faster than a rock in a dry well, landing beneath the $95,000 marker with all the grace of a drunk bull in a china shop šš„.
Meanwhile, the U.S. stock index futures took a 1% hit because markets never like surprises unless they come with cake. The 10-year Treasury yield danced upward to 4.63%, gold took a 1% nosedive, and the dollar index flexed with a swagger, rising 0.5% like it had something to prove.
Oh, Bitcoin, you renegade! Remember when it brushed past $100,000 post-Trump election in November? Those were the days of champagne dreams and caviar wishes. Now it zigzags relentlessly between $90,000 and $109,000 like a wind-up toy in a maze. AI-analyzed fears from China, trade war murmurs, and inflation-headed-higher whispers have everyone on edge. And donāt even get us started on interest ratesāthey feel like that one neighbor always borrowing sugar and never returning the favor.
Adding a cherry on this sundae of surprises, Federal Reserve Chairman Jay Powell dropped by Congress yesterday to remind everyone that rate cuts arenāt just off the tableātheyāre in another galaxy, unless the economy or inflation decides to throw a cosmic curveball.
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2025-02-12 16:48