Bitcoin (BTC) and other crypto assets are suffering a fall after a new report shows the inflation metric rose in January
Crypto assets suffered price declines across the board on Friday after a new report from the US Department of Commerce suggested the inflation metric rose in January.
The Department of Commerce’s Bureau of Economic Analysis (BEA) notes that the personal consumption expenditure (PCE) price index rose 0.6% from December to January.
The PCE Price Index measures the prices that people living in the US pay for goods and services.
Explains the BEA,
“The PCE Price Index is known for tracking inflation (or deflation) across a broad range of consumer spending and reflecting changes in consumer behavior.”
Bitcoin (BTC) is down more than 3.5% in the past 24 hours. The top valued crypto asset by market cap is trading at $23,156 at the time of writing.
Ethereum (ETH) is down over 3% over the past day. The second-ranked crypto asset by market cap is $1,599 at the time of writing.
Among the top 50 tokens by market cap, no crypto asset avoided a price drop on Friday.
Traditional stocks also suffered from the inflation report. According to MarketWatch, the S&P 500 fell more than 1% on Friday.
Traders are keeping a close eye on the PCE as high inflation numbers suggest that the Federal Reserve may further tighten monetary policy with more rate hikes.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Halfway
Featured image: Shutterstock/Sensvector
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.