Bitcoin Just Surged to $24,000. Here’s Why

The price of Bitcoin, the leading cryptocurrency, skyrocketed to an intraday high of $24,010 on the Bitstamp exchange at 12:48 a.m. UTC.

The most recent spike came after cooler-than-expected inflation data. The headline consumer price index (CPI) for the previous month increased by 8.5%, which is below analysts’ consensus estimate of 8.7%.

Significant declines in gas prices and airfares were mainly responsible for the cooler-than-expected July CPI print. At the same time, grocery prices, electricity, and rent remain on the rise.    

Dow futures soared by more than 400 because of the downside inflation surprise.  

The most recent CPI data means that the U.S. Federal Reserve may now slow down the pace of rate hikes.

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