Last night (around 9 p.m. on September 13, 2022 in Korean time), Bitcoin’s price suddenly fell by about $2,000. I’m blogging in just four hours, $2,000 down. 바이낸스 거래소 The picture shows the Bitcoin hourly wage chart. At 9 p.m. on September 13th, bitcoin prices fell strongly as more transactions than usual broke out. Meanwhile, it’s exactly the same time on the NASDAQ chart in the U.S.
Nasdaq also began its plunge at 9 p.m. on September 13, the same time, with huge sales.
Again, the reason for Bitcoin’s decline this time was the NASDAQ crash. More precisely, the U.S. consumer price report came out worse than the market expected.
U.S. Consumer Price Announcement Results and Forecasts
According to the U.S. Bureau of Labor Statistics on the 13th, the U.S. consumer price growth rate in August was 8.3%. Consumer price growth is compared to the same month last year, and the market was higher than the original forecast of 8.1%, which was a negative factor for the market.
That’s down from 9.1% in June and 8.5% in July, but there’s still no sign of U.S. inflation calming down.
The U.S. Federal Reserve has already carried out two “Giant Steps.” Despite the 0.75 percent rate hike in a row, the inflation rate exceeded 8% year-on-year for the sixth consecutive month.
As Fed Chairman Jerome Powell said at the Jackson Hole meeting about 15 days ago, “The Fed’s responsibility to curb inflation is irreplaceable,” the results of the U.S. consumer price growth have almost made it clear that three consecutive “Giant Steps” will take place.
But it’s not without the argument that prices in the United States are being held.
For now, international energy prices, which soared about 25% from last year due to the Russia-Ukraine war, seem to be gradually stabilizing. Energy prices in the United States fell about 5% in August compared to the previous month.
Among energy, gasoline prices have fallen by 26% in three months compared to June. The rate of increase in food prices has not exceeded 1% this month, which is gradually stabilizing.
However, the core consumer price growth rate, excluding fluctuating energy, was twice as high as the market forecast of 0.3%.
As the U.S. Fed continues to raise interest rates to curb prices, relatively good U.S. unemployment indicators and economic growth have slowed, raising concerns over an economic recession.
Higher U.S. interest rates mean that companies have to pay more interest to raise funds, and a negative impact is expected on the U.S. economy. This will inevitably affect global economic growth, and the cryptocurrency market is no exception.
Bitcoin fell sharply last night, even after a higher-than-expected inflation rate was announced, amid the prevailing prospect that it would not stop raising interest rates immediately, even if the consumer price index fell several times.
Rather than expecting a big rise in the second half of this year, an investment strategy with a fall in mind seems wiser.