Cryptocurrency exchange market data

Bitcoin Rises Above $62K with 3.5% Gain as April CPI Data Shows Slower Inflation

May 15, 2024, 02:13 PM

Bitcoin saw significant gains on Wednesday, rising above $62,000, as the U.S. Consumer Price Index (CPI) data for April showed a slower climb in inflation. The CPI data revealed a year-over-year inflation rate of 3.4% and a month-over-month increase of 0.3%, which was below the expected 0.4% increase. This softer-than-expected inflation report positively impacted the crypto market, with Bitcoin posting a 3.5% gain and experiencing its best day since March. Other cryptocurrencies, including Ethereum, also saw price increases following the release of the CPI data. Additionally, the DXY dropped, and stocks rose alongside Bitcoin.