The highly anticipated U.S. Consumer Price Index (CPI) data released today revealed that inflation in the U.S. remained steady at 0.3% in May, exceeding market expectations. This data was eagerly awaited by market observers for insights into the current economic conditions and the potential actions of the U.S. Federal Reserve regarding their policy rates.
Let’s delve into the details of the latest U.S. CPI inflation data and examine how it might impact not only the price of Bitcoin but also the broader cryptocurrency market.
According to recent data from the U.S. Bureau Of Labor Statistics, the U.S. CPI stayed unchanged at 0.3% in May, surpassing the market forecast of a 0.1% cooling for the month. However, on an annual basis, the CPI inflation rate decreased to 3.3% in May from 3.4% in the previous month.
Furthermore, the Core CPI data, which excludes food and energy prices, also cooled to 0.2% in May from 0.3% in the prior month. Similarly, the yearly Core CPI figure showed a decrease in inflation to 3.4% from 3.6% in April. Both these figures indicate a decline in inflation, leading to optimism in the market.
The market sentiment received a boost from the cooling inflation data, especially after the strong U.S. Job data from last week had influenced investors’ risk appetite. With the easing U.S. CPI inflation data, the cryptocurrency market will closely monitor the FOMC interest rate decision set for later today, followed by Fed Chair Jerome Powell’s press conference.
The cooling U.S. CPI inflation figure has uplifted investors’ confidence, evident from the rally in the cryptocurrency market and the Bitcoin price. The bullish data has led to expectations of a dovish stance by the Federal Reserve regarding its interest rate plans.
Earlier today, 10X Research’s Markus Thielen predicted that if the U.S. CPI cools to 3.3%, Bitcoin could experience a surge of over 4%. The market foresees a bullish momentum for the Bitcoin price and the altcoins sector. Following the CPI release, the U.S. 10-year Bond Yield dropped to 4.278%, and the U.S. Dollar Index Futures slipped to $104.175.
After a sluggish performance earlier in the week, Bitcoin price surged by 3.60% today following the inflation data, reaching $69,411.30. In the last 24 hours, the BTC price fluctuated between a low of $66,123.60. Additionally, Bitcoin Futures Open Interest rose by 2.29% to 523.38K BTC or $36.37 billion over the last four hours, as per CoinGlass data.
The altcoins sector also witnessed a strong recovery, with Ethereum price increasing by nearly 3% to $3,637.36 and Solana price rising by about 4% to $158.43.
The market will closely monitor the FOMC decision and the Fed Chair’s comments later today. Moreover, the U.S. PPI inflation data scheduled for tomorrow will also play a significant role in determining the future market movements. The Advantages of Using Technology in Education
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