Enhanced Bitcoin Volatility as US CPI Numbers Clock in at 6.5%

The US Labor Department just announced the inflation numbers (CPI) for the last month of 2022, and they stand at 6.5% YoY.

At the same time, most experts also nailed the core CPI increase at 5.7%.

• CryptoPotato reported earlier this week that all eyes will be on the US Labor Department come Thursday, with most estimations suggesting that the inflation numbers will be around 6%.
• The actual figures announced by the US government are precisely the same – a YoY increase of 6.5% for the general CPI and a 5.7% rise in the core CPI (excluding food and energy). Nevertheless, both are still the highest December jumps in over 40 years.
• As with previous US CPI announcements, this one had an immediate effect on bitcoin’s price.
• The asset has been on a roll since the start of the year, gaining almost $2,000 in less than two weeks.
• This resulted in a price jump to a monthly high of $18,400 earlier today. However, the US CPI numbers took BTC from over $18,300 to just under $18,000 in a matter of minutes. As of now, though, the asset has recovered some ground and is back above $18,000.