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Wednesday

Bitcoin

April

After several days of failing to produce any substantial moves in either direction, bitcoin finally experienced some volatility after the US announced the CPI data for April.
The general estimations suggested 5% year-over-year for the CPI and 5.5% for the Core CPI.
<ul>
<li>All eyes in the US in the past few weeks have been <a href="https://www.reuters.com/markets/us/futures-shaky-ground-after-disappointing-earnings-forecasts-2023-05-09/" data-wpel-link="external" target="_blank">focused</a> on the 2024 fiscal budget as well as the country&#8217;s debt. The CPI numbers for April also took the main stage on Wednesday ahead of the Labor Department&#8217;s announcement.</li>
<li>The estimations for the Consumer Price Index for last month stood at 5%. In reality, the yearly increase was slightly lower &#8211; at 4.9%.</li>
<li>This is also a monthly decline compared to the figures for March, when the CPI <a href="https://cryptopotato.com/bitcoin-jumps-500-as-us-cpi-clocks-in-at-5-for-march-2023/" data-wpel-link="internal">clocked</a> in at 5%.</li>
<li>Bitcoin reacted with an immediate price surge <a href="https://cryptopotato.com/us-cpi-announcement-today-bitcoin-flat-in-anticipation-market-watch/" data-wpel-link="internal">from $27,500</a> to chart a multi-day high at over $28,000.</li>
</ul>
<figure id="attachment_250020" aria-describedby="caption-attachment-250020" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9.png" data-wpel-link="internal"><img class="size-full wp-image-250020" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9.png" alt="BTCUSD 3Min Chart. Source: TradingView" width="1834" height="875" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9-1024x489.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9-768x366.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9-1536x733.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-9-50x24.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-250020" class="wp-caption-text">BTCUSD 3Min Chart. Source: TradingView</figcaption></figure>
The post <a href="https://cryptopotato.com/bitcoin-soars-above-28k-as-us-april-inflation-lower-than-expected/" rel="nofollow">Bitcoin Soars Above $28K as US April Inflation Lower Than Expected</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Soars Above $28K as US April Inflation Lower Than Expected

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