CPI remained steady month-on-month and came in at 3.3% year-on-year.
Following today’s inflation figures, Bitcoin’s price surged more than 5%.
Following a surprising dip in US inflation numbers, the crypto market rebounded. As the Consumer Price Index (CPI) for May revealed inflation cooling quicker than anticipated, Bitcoin surged over 5%. CPI remained steady month-on-month and came in at 3.3% year-on-year, both of which were 0.1% lower than expected.
U.S. Bureau of Labor Statistics official release stated:
“The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April. The all items less food and energy index rose 3.4 percent over the last 12 months.”
All Eyes on Fed
The outcome was a windfall for risk assets, such as cryptocurrency, which had seen its now-classic downturn in value recently before CPI. Later in the day, the Federal Open Market Committee (FOMC) is scheduled to con
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