U.S. Inflation Data Influences Bitcoin Price Movement
- The Consumer Price Index (CPI) rose by 0.9% in March, matching economists’ expectations.
- Year-over-year CPI increased by 3.3%, up from 2.4% in February.
- Core CPI, excluding food and energy, rose only 0.2%, below the forecast of 0.3%.
- Following the report, the price of Bitcoin surged to $72,400.
- U.S. stock index futures saw modest gains, with the Nasdaq up by 0.3%.
The rise in inflation is primarily attributed to escalating energy costs amid ongoing geopolitical tensions in the Middle East, impacting market expectations for Federal Reserve monetary policy adjustments.
As a result of the inflation data, Bitcoin’s price reacted positively, climbing to $72,400 after a core CPI increase of just 0.2%. (Source)
