December inflation data release: The CPI data for December came in on the expected lines, with inflation rising by 6.5%. The US Bureau of Labor Statistics released the Consumer Price Index (CPI) data for December. The crypto market was slightly on the bullish side with most assets in green in the minutes leading to the data release. The CPI index for the month of November stood at 7.10%.
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As of writing, the Bitcoin (BTC) price stands at $18221.71, up 4.61% in the last 24 hours, according to CoinGape price tracker. However, in the last one hour, BTC price is down by around 0.31%, after initially showing a price spike immediately after the data release. The Consumer Price Index is a key indicator that measures price change over a period of time. The index data is used by the US Fed to decide the rate of interest rise.
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