The US Announced Personal Consumption Expenditures, Bitcoin Price Rose Rapidly - Coin Bulletin

The US Department of Commerce has released personal income and consumer spending data for November. Despite not meeting experts' expectations, the price of Bitcoin quickly reversed.

The core personal consumption expenditures (PCE), which is the inflation gauge of the Federal Reserve (Fed), was announced to be 0.1 percent on a monthly basis and 2.8 percent on an annual basis in November.

The expectation of experts in the market was that there would be a monthly increase of 0.2% and an annual increase of 2.9%. The data released today showed that the annual and monthly growth rates were below expectations.

In October, the core PCE, which was announced as 0.3 percent, fell to 0.1 percent. The annual increase within the same month was announced as 2.9 percent.

The price of Bitcoin has started to rise rapidly

After the data was released, there was volatility in the cryptocurrency market. According to CoinGecko data, Bitcoin rose from around $92,000 level to above $95,500 within minutes.

Meanwhile, Ethereum rose back to the $3,300 level, and hourly gains were also seen in the prices of XRP, BNB, Solana (SOL).