Bitcoin

The release of the US Consumer Price Index (CPI) data for May 2023 by the Bureau of Labor Statistics on Tuesday has sparked optimism in the market. The department <a href="https://www.bls.gov/cpi/" rel="noopener noreferrer nofollow">reported</a> that the Consumer Price Index for all urban consumers rose by 0.1% on a seasonally adjusted basis, while it increased by 4% over the past 12 months without seasonal adjustment. These figures align with expectations and signify that inflation has eased, with the annual inflation rate reaching its lowest point in nearly two years.Market participants eagerly awaited the CPI data, anticipating signs of diminishing inflation. Forecasts predicted a 0.1% price increase, following the 0.4% rise observed in April 2023. Additionally, market participants eagerly anticipate the outcome of the Federal Open Market Committee (FOMC) meeting scheduled for June 14, 2023, where a decision on a potential pause in interest rate hikes is expected.The CPI Index, often called inflation numbers, provides insights into the average changes in costs incurred by urban consumers for goods and services over time. In the lead-up to the release of the CPI data, Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">experienced</a> a surge in price, propelling it to the $26,000 range within the past 24 hours. Subsequently, following the data release, the price of BTC registered a 3% increase from its daily low of $25,700, followed by a minor correction.Read full article at <a href="https://cryptotale.org/bitcoin-skyrockets-as-us-cpi-data-reveals-eased-inflation-in-may-2023/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin Skyrockets as US CPI Data Reveals Eased Inflation in May 2023

CryptoTale

Other articles published on Jun 13, 2023

Best Bitcoin Casino Bonuses

Apple Prepares to Remove Bitcoin Payment Platform Damus from App Store

Fraud Proceedings Against SBF Could Be Delayed By Months Or Years

Sygnum Singapore Receives Approval to Provide Crypto Services

Ripple works with Canada’s largest university on XRP validator initiative

OKX Expands Trading Options with Suiswap Spot Pair, Closes 20th Round of OKB Buy-Back and Burn

Join our free newsletter for daily crypto updates!