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Home News Crypto

Bitcoin Hits $61K Milestone: How Will the U.S. CPI Impact Its Future?

by Team Lumida
August 14, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways

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  1. Bitcoin surged past $61,000 amid cautious trading.
  2. U.S. CPI data will influence market sentiment and Bitcoin’s trajectory.
  3. Yen carry trade unwinding adds complexity to market dynamics.

What Happened?

Bitcoin surged past $61,000 as traders remained cautious, anticipating the upcoming U.S. Consumer Price Index (CPI) data. This milestone reflects a growing interest in cryptocurrencies despite market uncertainties.

Concurrently, the unwinding of the Yen carry trade has added another layer of complexity to the market. According to market data, Bitcoin’s price increased by 3% in the last 24 hours, driven by both institutional and retail investors.

Why It Matters?

This price surge underscores the volatile nature of Bitcoin, often seen as a hedge against inflation and economic instability. The upcoming U.S. CPI data is critical because it will provide insights into inflation trends, directly impacting market sentiment.

Higher-than-expected CPI numbers could lead to increased market volatility, influencing Bitcoin’s future price movements. Ethan Williams, a crypto analyst, stated, “The CPI data could be a game-changer for Bitcoin, as it will signal how the Federal Reserve might adjust monetary policy.”

What’s Next?

Investors should watch the release of the U.S. CPI data closely. If inflation rates are higher than expected, Bitcoin could experience increased volatility, potentially attracting more investors seeking a hedge against traditional assets. Conversely, lower CPI numbers might stabilize the market, leading to more predictable price movements.

The unwinding of the Yen carry trade will also be crucial to monitor. Reduced liquidity could lead to significant shifts in market dynamics, affecting not only Bitcoin but also other high-yielding investments. Staying informed about these economic indicators will be essential for making strategic investment decisions.

Source: Coindesk
Tags: Bitcoin
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
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Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018