🌎 Bitcoin and Ethereum Surge After Release of April Inflation Data

Bitcoin and stocks saw a price increase following the release of the April U.S. inflation data.

The Consumer Price Index (CPI), which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, indicated a 3.4% increase in consumer prices from last year. This year-over-year inflation figure represents a slight decrease from March’s inflation rate of 3.7%, as reported by the U.S. Bureau of Labor Statistics (BLS).

Bitcoin Price Movement

Shortly after the BLS published its findings, Bitcoin’s price (BTC) reached $64,492. This marks a 4% rise over the past 24 hours and a 1% increase within the last hour. Bitcoin’s reaction to the inflation data underscores its role as a hedge against traditional financial market movements.

Ethereum Price Movement

Similarly, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, increased its price to $2,960.94. This represents a 1.87% increase from the previous day and 1% from an hour earlier. Ethereum’s performance shows its growing importance in the cryptocurrency market.

Economic Pressures

The BLS highlighted housing and gasoline as the primary contributors to the April inflation rate. This reflects ongoing economic pressures in these sectors, impacting both traditional and digital assets.