Bitcoin Surges 2.4% Above $69,000 on Lower-than-Expected US CPI Data

Jun 12, 2024, 12:49 PM

Bitcoin surged above $69,000 following the release of the US Consumer Price Index (CPI) data for May, which showed lower-than-expected inflation figures. The CPI was unchanged month-on-month, against an expected increase of 0.1%, and rose 3.3% year-on-year, below the anticipated 3.4%. Core CPI increased by 0.2% month-on-month, also below the forecasted 0.3%, and rose 3.4% year-on-year, lower than the expected 3.5%. The price of Bitcoin increased by 2.4% after the data was released. Energy fell 2.0%, shelter rose 0.4%, and food increased by 0.1%.