- Bureau of Labor Statistics reveals the current state of American inflation
- Consumer prices rose 0.3% in November, with a 3.3% increase on the year
- Bitcoin rose back to $100,000, currently trading at $100,380 per coin
Today, the Bureau of Labor Statistics revealed the current state of American inflation, sharing a glimpse of what to expect from the Fed in the upcoming meeting.
The Consumer Price Index revealed that consumer prices rose 0.3% in November, adding up to a 3.3% increase on the year. Meanwhile, inflation also saw a slight increase, marking 0.3% in the month, with a 12-month rate of 2.7%.
Despite the fact that American inflation slipped a little further from the Fed’s 2% target—the minimal growth seen in November was expected by Dow Jones estimates. Moving forward, the recent CPI data solidifies the notion that the American economy is handling inflation in a good way and expects yet another 0.25% interest rate cut in the next FOMC meeting on December 17-18.
The cryptocurrency market reacted extremely favorably to the CPI report, with assets reverting its weekly downward trend. Bitcoin rose back to the $100,000 level, currently trading at $100,380 per coin.
All currencies in the top 20 by market capitalization are bullish on the day, while Ripple Labs’ XRP appears as the clear winner in valued gain throughout the day.
Currently trading at $2.40—XRP is up by an incredible 19.26% in value over the last 24 hours, according to CoinMarketCap. This performance is especially significant because the currency began the day trading below the $2.00 mark.
On top of the CPI-data optimism boost, XRP is likely also gaining notoriety due to the reports regarding the confirmation of Ripple Labs’ new stablecoin – $RLUSD – being approved by the New York Department of Financial Services.
The NYDFS also granted the request with a “BitLicense”, allowing major broker Robinhood to already plan on listing the new stablecoin.
