Bitcoin (BTC) and Other Crypto Assets Suffer Price Dip After New Report Shows Inflation Metric Rose in January
Crypto assets across the board suffered price dips on Friday after a new U.S. Department of Commerce report indicated a critical inflation metric rose in January.
The Department of Commerce’s Bureau of Economic Analysis (BEA) notes that the personal consumption expenditures (PCE) price index went up 0.6% from December to January.
The PCE price index measures the prices that people living in the US pay for goods and services.
Explains the BEA,
“The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.”
Bitcoin (BTC) is down more than 3.5% in the past 24 hours. The top-ranked crypto asset by market cap is trading at $23,156 at time of writing.
Ethereum (ETH) is down over 3% in the past day. The second-ranked crypto asset by market cap is priced at $1,599 at time of writing.
Among the top 50 tokens by market cap, no crypto asset avoided a price decrease on Friday.
Traditional stocks also suffered due to the inflation report. The S&P 500 dropped more than 1% on Friday, according to MarketWatch.
Traders keep a close watch on the PCE as high inflation numbers indicate that the Federal Reserve could continue to tighten monetary policies by introducing more interest rate hikes.
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