US Inflation Rises, Investors Frustrated BTC Still Moving Bored!

<p>&nbsp;"Very disappointing, the price of BTC did not give an interesting reaction at all."</p><p><br /></p><p>The movement of the financial market seems to be more interesting than the cryptocurrency market which did not react significantly when the United States (US) Consumer Price Index (CPI) data in July was reported to have increased by 3.2% compared to previously at 3.0%.</p><p><br /></p><p>In addition, the core CPI also recorded a jump of 0.2% in July and this means that it increased by 4.7% from the previous year.</p><p><br /></p><p>So here it can be seen that the price of Bitcoin (BTC) saw a drop of up to $29,343 in just a few minutes after the Bureau of Labor Statistics announced the CPI data last night during the opening of the New York session.</p><p><br /></p><p>However, investors expect the Federal Reserve (Fed) not to raise interest rates during the next Federal Open Market Committee (FOMC) meeting in September 2023.</p><p><br /></p><p><br /></p><p>However, it should be noted that there are traders who believe that there will be a 15.5% probability that the US central bank will raise interest rates next month, therefore the crypto market could decline by around 10%.</p><p><br /></p><p>Since the beginning of last year, the Fed tightening its monetary policy to combat soaring inflation has caused the entire crypto market to continue to experience a drastic fall.</p><p><br /></p><p>The streak, concerns about interest rate hikes this year could make it difficult for BTC to rise, but the Fed is likely to back off from rate hikes and that action could push BTC off its current price.</p><p><br /></p><p>As of this writing, BTC price has plunged by 0.65% to $29,425 in the last 24 hours with a market cap of $572 billion but still recorded a gain of 0.83% over the past week.</p><p><br /></p><p>While Ethereum (ETH) decreased by around 0.28 at the level of $1,850 in the last 24 hours with a market capital of $222 billion and Ripple (XRP) decreased by 1.19% at $0.63 and then decreased by 4.83% in the last seven days.</p>