Accordingly, inflation in the US in April was 8.3%, down 0.2% compared to 8.5% in March. This shows the Fed’s interest rate hike in March and May is working effectively in controlling inflation, which hit the highest rate in four decades.
However, this inflation rate was higher than many experts’ expectations of 8.1%. Moreover, Core CPI, which excludes food and energy, rose by a stronger 0.6%. Wall Street had forecast a 0.4% gain – The higher-than-expected increase in the core rate, the largest since January, let Wall Street down. That means inflation could still rise, affecting all sectors of the US economy.
This is also the main reason why Bitcoin has dropped to $29,039 just minutes after this information was published, the lowest price since June 2021. As a result, in the last 1 hour, more than 233 million USD of derivative orders were liquidated, mainly BTC and ETH.
The crypto market is still extremely turbulent due to the collapse of LUNA – UST today.
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