Bitcoin reacted to the release of inflation data in the US with a slight increase❗️

The annual inflation in the US in July was 2.7%, below the forecast of 2.8%. The Core Consumer Price Index (Core CPI), on the other hand, was slightly above expectations at 3.1% compared to the forecasted 3.0%.

Immediately after the data was published, the price of BTC showed a jump of about 0.6% (at the current rate, this is more than $700).

The cryptocurrency market is traditionally sensitive to inflation data as it shapes expectations for the Fed's key interest rate.

A slowdown in the pace of price growth traditionally boosts hopes for rate cuts and supports demand for risky assets.