Bitcoin prices increased by more than 5% on Dec. 13, 2022, after the Bureau of Labor Statistics reported that the Consumer Price Index (CPI) was up by 0.1%. November’s CPI reading was 7.1%, implying that inflation will remain moderate despite soaring interest rates from the Federal Reserve System.

The CPI announcement sparked excitement in the crypto market, but the excitement faded later in the day as investors realized that inflation is still three times above the Fed’s 2% target. Crypto traders have been closely monitoring the monthly inflation report for clues on whether the Fed’s tightening of…

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