With the latest release of the U.S. Department of Labor's customer Price level Index (CPI) data for February 2023, the price of BTC has soared to more than $26000.
CPI rose 0.4 per cent last month on a seasonally adjusted basis, and the Ministry of Commerce pointed out that each index of inflation rose 6 per cent over the same period last year. The Labor Department noted that inflation rose at its lowest rate in December since the end of September 2021.
CNBC sources said that after the release of the information, the traditional channels changed greatly, while the cryptocurrency market responded positively. According to CoinMarketCap, the prices of Bitcoin and ETH have soared.
CPI considerations refer to the average change in the consumer price of a basket of goods or services over time. It is calculated by the U.S. Bureau of Labor Statistics and is used as an inflation indicator.
CPI reflects the way customers spend on new projects such as catering, housing, transportation, clothing, health care and entertainment. It is used to adjust wages, welfare and social security expenditure according to inflation, to take into account the main performance of economic development, and to formulate fiscal policies.
The housing index is the main driver of the monthly summary of each project's increase, accounting for 70 per cent of the S-CPI increase in February 2023, according to a statement from the labour department. There will also be contributions to food, games and entertainment, home furniture and business indicators.
The food index rose 0.4% last month, while the home food index rose 0.3%. The power energy index fell 0.6%, while the natural gas and light fuel oil index also fell in February.
On March 14th, the wider digital currency world released a variety of opinions. Howard Pompliano, co-founder and partner of Morgan Creek Digital, commented on the CPI update in a series of tweets, noting that the rise in the price of bitcoin should be a response to new inflation data:
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