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Bitcoin Surges Above $69K with 2.4% Rise as US Inflation Data Comes in Lower Than Expected

Jun 12, 2024, 12:49 PM

Bitcoin surged above $69,000 following the release of lower-than-expected US inflation data for May. The Consumer Price Index (CPI) was unchanged month-over-month, with a 3.3% year-over-year increase, below the anticipated 3.4%. Core CPI rose 0.2% month-over-month and 3.4% year-over-year, both figures also below expectations. Shelter costs increased by 0.4%, food by 0.1%, while energy prices fell by 2.0%. The favorable inflation data led to a 2.4% rise in Bitcoin's price, reversing a recent decline. Additionally, Bitcoin price jumped $1.5K instantly, and the FOMC meeting is scheduled for tonight.