Bitcoin cleared $26,000 as the US consumer price index rose 0.4% in February 2023.
The US Department of Labor released its latest data for February 2023 (CPI), which rose above $26,000.
CPI rose 0.4% on a seasonally adjusted basis last month. The ministry noted that the consumer goods index, which measures inflation, increased by 6% compared to last year. The Ministry of Labor noted that inflation showed the lowest increase in 12 months from the period to September 2021.
CNBC reported that while the cryptocurrency market responded well, the traditional market remained uncertain after the release. Bitcoin is increasing in price along with Ether
, according to data from CoinMarketCap.
The CPI measures the average change in consumer prices over time for a basket of goods and services. It is calculated by the Bureau of Labor Statistics and is used as an index of inflation.
The CPI shows the pattern of consumer spending on things like food, housing, transportation, clothing, health care, and entertainment. It is used to adjust workers, benefits, and social security payments for inflation, measure economic performance, and set monetary policy.
The structural index is the largest contributor to monthly all-item growth, accounting for 70% of CPI growth in February 2023, according to a statement from the US Department of Labor. Food, entertainment, home goods and services brands also contributed.
The food index rose 0.4% last month, while the household food index rose 0.3%. Energy inventories fell 0.6% in February, with gas and oil inventories falling.
The broader cryptocurrency community expressed similar sentiments on March 14. Anthony Pompliano, the founder and partner of Morgan Creek Digital, helped update the CPI in a series of tweets showing the increase in the price of Bitcoin in relation to the new price.
Bitcoin supporter and Custodia Bank founder and CEO Kaitlyn Long said BTC price improved after a turbulent week when US authorities shut down banks including Silicon Valley Bank and Signature Bank. emphasize.