In the life of traders, today was another double face. Using the term double face, I mean a situation that one stand a chance to flip his or her account to a greater profit or blow it off within a blink of an eye.
Earlier today, Hive coin was on a bullish trend of 2.02% according to coinmarketcap but when Consumer Price Index fundamental news was released, coins flipped to opposite trend instantly but resisted it more than BTC by rejecting dips.
Hive coin before the news
However, what is Consumer Price Index (CPI)?
In a simple terms, CPI can be define as the measurement of change of consumer price for retail goods etc over a period of time. In a bullish trend due to CPI, it simply means that the economy have encounter an inflation increase in the price of commodities i.e high inflation or lower deflation. While in a bearish trend, CPI means there is a decrease in consumer price i.e deflation or lower inflation.
Impact of CPI NEWS on BTC
HOW TO CALCULATE CPI
The formula for calculating CPI is;
Consumers Price Index = Cost of basket / Cost of basket in base year X 100.
Price of Hive coin on olamax Exchange before and after the news
Checking the price in both USD and Nigeria Naira, it can be seen that Hive coin resist the impact more than BTC and many other pairs on forex trade.