Bitcoin Exchange Reserves Plummet as Demand from ETFs Surges
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U.S. inflation rose sharply in January 2025, reaching an annual increase of 3%, according to the Labor Department. This marks a notable escalation from the previous month's 2.9% rise and a significant jump from a low of 2.4% recorded in September 2024. The report highlighted substantial price hikes in groceries, gasoline, and used cars, with a particularly striking 15.2% increase in egg prices attributed to the ongoing avian flu epidemic.
Former President Donald Trump's ongoing promise to reduce living costs appears increasingly jeopardized. During his campaign, he asserted that he would make America affordable again by controlling inflation, stating, “We have to get them down," referring to rising prices. However, after the recent inflation data was released, Trump shifted blame to the policies of current President Joe Biden, claiming “BIDEN INFLATION UP!” on his social media account. The resurgence in inflation complicates the prospects for an interest rate cut by the Federal Reserve, further entrenching economic challenges for consumers.