Bitcoin Surges Above $64,000 with 1% Gain as Inflation Eases in April

May 15, 2024, 12:48 PM

Bitcoin's price surged above $64,000 following a softer-than-expected inflation report for April. The US Consumer Price Index (CPI) data showed year-over-year inflation at 3.4%, with a month-over-month increase of just 0.3%, below analysts' expectations of a 0.4% rise. The easing inflation led to a weakening of the dollar, further boosting Bitcoin's value. Stocks also saw gains as a result of the inflation data. Bitcoin posted more than a 1% gain on Wednesday morning.