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⛔⛔⛔ Why is today's price of Bitcoin higher?
😍 Following the opening of Wall Street on May 15, the price of Bitcoin (BTC) surged to $65,150 as markets responded to the Consumer Price Index data and its implications for possible interest rate reductions in 2024.
Btcnews99 Markets Pro and TradingView data showed that on May 15, the price of BTC increased by 6.61% from a low of $61,299 to an intraday high of $65,129.The price of Bitcoin is now rising due to a number of important variables, including a lower-than-expected CPI reading that has increased market confidence.
The U.S. Bureau of Labor Statistics (BLS) reported that the April Consumer Price Index (CPI) print was 0.3%, lower than anticipated. This news caused a reaction in the price of bitcoin. In comparison to March's 0.4% and expectations of 0.4%, the year-over-year rate increased to 3.2%.
Rising housing and transportation expenses "contributed over seventy percent of the monthly increase in the index for all items," according to the BLS's official announcement.
