Bitcoin and the broader cryptocurrency market rose on Thursday, along with major stocks, after U.S. Consumer Price Index (CPI) data for June fell.
The June CPI, released by the U.S. Bureau of Labor Statistics on Thursday morning, was slightly lower than economists forecast. This was followed by a 1.3% increase in Bitcoin price over the past hour, along with a 2% increase in Ether over the same time period.
Source: US Bureau of Labor Statistics
Equity futures also rose after the latest CPI report showed inflation eased beyond economists' expectations. The Nasdaq Composite rose 1.18%, while the NYSE Composite rose 0.92% in pre-market trading.
Jag Kooner, Head of Derivatives at Bitfinex said:
“Today's lower-than-expected data signals a more significant slowdown in inflation, which could reinforce market expectations of a rate cut in September.”
According to CME's FedWatch tool, interest rate traders increased the likelihood of a September rate cut from 68.1% before the announcement to 81.3%. Kooner added that an interest rate cut in September could boost stocks and cryptocurrencies by increasing liquidity and risk appetite.
June inflation index was lower than expected
The U.S. Bureau of Labor Statistics announced on Thursday that the unadjusted annual core CPI rate for June was 3.3%, slightly below market expectations of 3.4%. This is the lowest since April 2021.
The seasonally adjusted monthly core CPI rate in June was 0.1%, also below market expectations of 0.2% and the lowest since August 2021.
Bitcoin price has increased 1.3% over the past 24 hours and is trading at $58,562 at the time of writing. The global cryptocurrency market capitalization currently stands at $2.27 trillion, up about 1% over the past 24 hours.
Bitcoin price chart 1 day. Source: TradingView
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