The Cost Of Kyle is down, Bitcoin is up!
Remember on Monday when we wrote about the Consumer Price Index (CPI) 'Cost of Kyle' (COK)?
The article closed out with this:
Right now, the COK inflation numbers are being calculated...
If, on Jan 12, they're shown to be below 7% year-over-year, some traders are expecting a jump in Bitcoin's price (from $16.9K to ~$19K).
Well, the numbers came in yesterday, and the year-on-year increase in the Cost Of Kyle was 6.5%.
And as of this writing, the markets are eating it up - just look at the 1-day Bitcoin chart!
+$1.2K in under 24hrs? We love to see it.
That last little spike (on the far right of the chart) was likely driven by the news of lowered inflation, reflected in yesterday's Cost Of Kyle numbers.
The oversimplified market psychology behind this upward price movement, looks a little something like this:
Inflation is slowing → which means the market may soon start to recover → let's buy in while prices are still low → man, I love wearing Patagonia sweater vests.
...that last bit was a stab in the dark...
(We put ourselves in the minds of a tech investor, and that's what came out).
