A Goldman Sachs analyst mentioned that the July CPI inflation data indicates a continued path towards disinflation. Could this lead to a Bitcoin price increase?
Despite the first yearly increase in inflation in about a year, experts believe that the ongoing trend towards disinflation remains intact. The U.S. Bureau of Labor Statistics announced that U.S. inflation grew by 3.2% on an annual basis in July 2023.
During that month, the Consumer Price Index (CPI) for All Urban Consumers saw a 0.2% increase, adjusted for seasonal factors, and a 3.2% rise over the past year without seasonal adjustments, according to the Department’s statement.
Additionally, if the US Federal Reserve eases its monetary policy, it could benefit the cryptocurrency market. More available funds might lead to increased investments in cryptocurrencies. In terms of regulations, positive movements related to the Blackrock Bitcoin ETF and the upcoming Bitcoin Halving event in the second quarter of 2024 could potentially lift Bitcoin’s price.
Goldman Sachs Analyst: July Rate Hike Concluded
In a prior report, Bloomberg shared a statement from Gurpreet Gill, a global fixed income macro strategist at Goldman Sachs Asset Management, regarding the macroeconomic situation.
Gill mentioned that the detailed aspects of the July CPI inflation data indicate a continued trend towards disinflation. She also conveyed her view that the highest point of interest rate hikes by the US Federal Reserve likely occurred in July 2023.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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