The January CPI data will be released by the U.S. Bureau of Labor Statistics.
Today marks the day when the Consumer Price Index (CPI) statistics for the month of January will be made public by the U.S. Bureau of Labor Statistics. The inflation rate is likely to drop down to 6.2%, the lowest level since October 2022, according to analysts, while the inflation rate excluding food and energy is forecast to fall to 5.4% from 5.7%.
Effects on the Market and the Federal Reserve
The Federal Reserve’s rate rise this month was delayed by 25 basis points due to the slower inflation recorded in the December CPI data. More investors will likely enter the market as a result of this.
Response of the cryptocurrency market
The bitcoin sector is anticipated to increase positively since inflation is predicted to decline.
Rise of Polygon (MATIC)
Since the December CPI report revealed a drop in inflation from 7.1% to 6.5%, the price of Polygon has been rising. In the last 30 days, the token has soared by 21.47%, with each MATIC now selling for $1.18 USD. The token has climbed by 0.97% over the last day, ahead of the release of the CPI statistics, despite a 32.59% decline in trading volume. If the inflation rate is higher than expected, Polygon may see a sharp increase.
ImmutableX (IMX) is on a tear
Due to the favorable market circumstances brought on by the low inflation figures, ImmutableX has increased by 73.97% over the past 30 days. Since the beginning of the year, the IMX token has been moving higher; it is presently selling for 0.9603 USD, up 1.39% in the previous day. It rose to 1.19 USD in the previous month.
Gains for Agix (AGIX)
Since the most recent CPI data was published, the AGIX token, which is supported by AI technology, has climbed by an amazing 135.16%. The token has increased 10.79% in the previous 24 hours and is currently trading for USD 0.4136. It reached a low of 0.1613 USD and a high of 0.6637 USD during the last 30 days.
Bitcoin Advances Against CPI Data
Before the release of the CPI statistics, Bitcoin, the biggest cryptocurrency in the world, is trading positively. The coin is now selling at 21,844 USD per token and has increased by 0.69% over the past 24 hours. The price of Bitcoin has been on the up for the majority of the month with a 5.50% increase after breaking over the 23k barrier level in the last 30 days. The coin has, however, somewhat declined over the past week and is once again at the 21k level. A large increase in price for Bitcoin is predicted if the inflation report is favorable.
Ethereum Set to Gain Potentially
If the inflation numbers point to a slowdown, Ethereum, the second-largest cryptocurrency in the world, may also see growth. Ethereum’s price has decreased by 1.41% over the previous 30 days, despite the fact that the coin broke over the 1.6k barrier level in January. The cryptocurrency has increased by 1.27% prior to the announcement of the CPI statistics as forecasts indicate that inflation will be slowing.