Bitcoin spikes to $22,330 after dip on worse than expected CPI data Bitcoin spikes to $22,330 after dip on worse than expected CPI data
The price of Bitcoin spiked to $22,330 after an initial dip on news of worse than expected consumer inflation data.
1 min read
Updated: February 14, 2023 at 3:33 pm
Cover art/illustration via CryptoSlate
The release of January’s Consumer Price Index (CPI) data showed inflation at 6.4% year-on-year (YoY). This came in worse than the estimated 6.2% figure.
Bitcoin initially sunk 1.4% on the news and was trading just short of $21,640.
However, approximately an hour after the announcement, bulls took control, spiking the price as high as $22,330.
Author 
Analyst at CryptoSlate
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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