Bitcoin Surges Over 2% Above $28,000 After U.S. April CPI Release

Annual inflation in the US fell to 4.9% in April from 5% in March, compared with economists’ forecast of 5%, according to the Consumer Price Index (CPI) report released by the US Bureau of Labor Statistics (BLS) on Wednesday. morning.

Bitcoin (BTC) price jumped more than 2% to over $28,000 within minutes of the news.

CPI rose 0.4% in April, beating expectations for a 0.4% gain and following March’s 0.1%.

Core CPI – which excludes food and energy costs – rose 0.4% in April, compared with expectations for a 0.4% gain and a 0.4% rise in March. Core CPI rose 5.5% YoY in April, compared to expectations of 5.5% and 5.6% in March.

At its last meeting in early May, the Federal Reserve’s Federal Open Market Committee (FOMC) said it was considering at least a pause in its historic rate hikes as the central bank raised its benchmark federal funds rate from around 0% in early 2022 to its current The target range is 5%-5.25%.

While the rapid rate hikes have failed to bring inflation down to its 2% target, the Fed is also keeping tabs on growing problems in the U.S. banking system that have led to the collapse of several regional lending platforms, most recently First Republic Bank.

  • BlackRock CEO: Inflation will persist, but no major U.S. recession in 2023
  • How Gold and Bitcoin Performed Under Inflationary Pressures in the 1970s vs. 2020s


According to Coindesk

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img