US November CPI, up 2.7% year-on-year... "In line with market expectations"
Cryptocurrencies and US stocks, 'risk assets', rise from 11pm
BTC breaks through $100,000... Altcoins record an average increase of 5%
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The November US CPI, announced on the 11th, rose 2.7% year-on-year, and the core CPI, excluding energy and food prices, rose about 3.3% year-on-year, meeting market expectations. As the US CPI, a key economic indicator that the Federal Reserve (Fed) refers to when deciding interest rates, met market expectations, the US stock market, a representative 'risk asset', and cryptocurrencies rose together.
Bitcoin, which started rising from late on the 11th, is continuing its upward trend, surpassing $100,000, while altcoins are also recording an average increase of over 5%, creating a clear bullish market sentiment.
Bitcoin futures market investors were also found to be betting on the rise of Bitcoin.
On the 11th, the Bitcoin futures price on the Chicago Mercantile Exchange (CME) traded at $102,310 for the December contract, up $5,335, and $103,630 for the January contract, up $5,365.
The Nasdaq in the US closed at 20,034.89, up about 1.77% from the previous session on the 11th.
Both inside and outside the market expect the Fed to cut interest rates based on the stable US CPI, and the rise in risk assets to continue.
Whitney Watson, Global Co-Head of Goldman Sachs Bond, said, "Core inflation has paved the way for a rate cut at the next Federal Open Market Committee (FOMC) meeting," and "Based on today's data, the Fed will leave for vacation with confidence in disinflation, and is expected to maintain a gradual (monetary policy) easing stance in the new year."
Reporter Kwon Seung-won ksw@blockstreet.co.kr
