The Consumer Price Index (CPI), which shows the current rate of inflation in the United States, and the meetings of the Federal Open Market Committee (FOMC), which determine the rise in interest rates in the country, have led to significant price swings in the United States. Cryptocurrency market in recent months.
Below we take a look at the event dates for 2023.
Annual inflation rates are quite staggering in some countries, such as Lebanon (162%), Venezuela (over 150%), Turkey (nearly 90%), and Argentina (88%). The situation in developed and leading countries like the United States may seem less dire at first, but the world’s most powerful economy hit a 40-year high in June with inflation above 9%.
Although the latest data showed that the numbers for November have dropped At 7.1%, the numbers are still many times higher than what economists think is healthy — about a 2% annual increase.
CPI releases usually affect the prices of most cryptocurrencies, including Bitcoin. Almost every announcement from 2022 has brought increased volatility to the market, so it is important to know when the numbers for 2023 will be released.
It will be provided by the US Bureau of Labor Statistics Inflation figures for December are on January 12th. Figures for January are released on February 14, while the following dates are: March 14, April 12, May 10, June 13, July 12, August 10, September 13, October 12, November 14, and December 12 (inflation shown). ) the rate of the previous month).
Federal Open Market Committee meetings
The Federal Reserve implemented several measures to combat the economic crisis and runaway inflation, perhaps the most notable of which is controlling interest rates. This makes the cost of borrowing money more expensive, which limits the purchase of certain goods and services.
The Fed announced seven interest rate hikes in 2022, bringing the benchmark to 4.5% (a 15-year high). Some estimate that this ratio could be higher in 2023, and here are the FOMC meetings that will take place throughout the year: February 1, March 22, May 3, June 14, July 26, September 20, November 1, December 13.
Bitcoin price fluctuations have been evident every time the US Federal Reserve adjusts interest rates. When the institution raised the benchmark by 0.5% in December, the base cryptocurrency fell from $18,300 to $17,850 in a matter of minutes.
Conversely, BTC peaked above $20,500 when the Fed raised interest rates by 75 basis points in November.
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