Like practically everywhere else, inflation is still on the rise in the United States. According to data recently issued by the US Bureau of Labor Statistics, everyone is strongly impacted by this inflation, but people who live in the nation’s big cities are most affected.
Fearful inflation
The US Bureau of Labor Statistics’ data is unambiguous. They reveal that the consumer price index (CPI) increased by 1.3 percent, indicating that working-class people have it particularly tough. According to the Bureau, the index for conventional goods other than food and energy increased by 0.7 percent in June and by 5.9 percent overall.
It should be kept in mind that the CPI is a highly popular statistic in the US. It is used to calculate the average change in the price customers are prepared to pay for a selection of consumer products and services. In a sense, the cryptocurrency market has noticed effects as a result of this index’s increase.
BTC is now worth $20,126.39, as it has just surged in price. But as a result of inflation, it dropped back to $19,200. But don’t worry, bitcoin can be used as a reserve currency. He has sufficiently proven it.
Due to the substantial increase in the consumer price index, investors may find the volatility of bitcoin (BTC) to be worrisome (CPI). The price of the digital asset has decreased from $20,126 to roughly $19,200 since inflation started. Bitcoin, though, could be able to stop this inflation!
