Summary:
- U.S. Inflation numbers were released on Wednesday, triggering a move in the price of crypto assets.
- Consumer Price Index data stood at 8.5% for July 2022.
- The numbers fell from the 9.1% level reported in June.
- It’s also the first time U.S. Inflation numbers have dipped since April 2022.
- Cryptos like Bitcoin and Ethereum reacted to the news positively with pumps.
- Technical analyst Will Clemente previously tweeted that today’s CPI report would determine if a short risk-on bear market rally continued or not.
Crypto markets are in green on Wednesday on the back of a drop in U.S. Inflation numbers for July 2022. Consumer Price Index data showed that inflation dipped to 8.5% in July, signaling the first drop in U.S. inflation since April 2022.
The 8.5% level is down from the 9.1% reported in June. Technically analysts had expected a number around 8.7% or greater, per reports.
Consumer Price Index is a tool leveraged by economists to determine the average changes in prices paid by consumers for goods and services over a period of time. This measurement is commonly synonym with inflation in any given economy.
Usually, CPI numbers translate to a higher rate of inflation and vice versa.