Chinese crypto journalist Colin Wu has reminded the crypto community that today is the day when data on the Consumer Price Index (CPI) will be published for September.
The Bitcoin price is connected to this crucial economic index, he says, sharing that when CPI previously exceeded expectations, the flagship cryptocurrency lost roughly 4% within just half an hour after the release.
When CPI has come out lower than expected in the past, Bitcoin gained 2%.
The release time of the CPI data today is 8:30 a.m. ET. Bitcoin is changing hands at $18,728 at the time of this writing.
US September CPI will be disclosed. When CPI came in higher than expected, BTC has fallen an average of 4% in the 30 minutes following the release. Conversely, when CPI was lower than consensus, BTC has gained an average of 2%. According to @QCPCapital— Wu Blockchain (@WuBlockchain) October 13, 2022