Key Takeaways
- Bitcoin remained steady above $60,500 after inflation data release.
- Core inflation rose to 3.3%, exceeding expectations for September.
- Jobless claims reached 258,000, indicating potential labor market softening.
Bitcoin remained steady above $60,500 following the release of U.S. inflation data for September, which exceeded expectations. Core inflation rose to 3.3% year-over-year, above the forecasted 3.2%, while the monthly increase hit 0.3%, surpassing the 0.2% estimate. Overall inflation increased by 0.2% month-over-month, bringing the annual rate to 2.4%, a slight drop from August’s 2.5%.
Additionally, initial jobless claims for the week ending Oct. 5 surged to 258,000, well above the anticipated 230,000. The Consumer Price Index (CPI) also climbed, reaching 315.30 against a predicted 314.86.
Despite these economic shifts, Bitcoin only saw a slight 0.7% dip to around $60,700, reflecting its continued resilience to economic data releases. In a similar trend last month, Bitcoin held its ground even amid a surprise inflation rise and a 50 basis point rate cut by the Federal Reserve.
Economists are evaluating how the persistent rise in core inflation and the uptick in jobless claims might impact future monetary policy. The data could influence the Federal Reserve’s pace on rate cuts, particularly as housing-related pressures like Owners’ Equivalent Rent continue to drive inflation.
