Bitcoin fails to impress traders with its muted response to the latest CPI data
, the world's largest cryptocurrency by market value, has failed to meet the expectations of traders following the release of the latest Consumer Price Index data.
Crypto trader Josh Rager lamented on Twitter that the movement of Bitcoin was"really disappointing," despite these being"some of the lowest numbers we've seen in a couple of years." This lower-than-expected inflation rate leads many experts to suggest that inflation may indeed have been transitory, as suggested by Robert Burgess.data may also support the theory that Bitcoin, touted as an inflation hedge, may not correlate with inflation as closely as some believe. Despite the muted response, traders like Rager are holding out hope for a late reaction by the cryptocurrency.
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