🆘 The reason why the market price suddenly increased 🆘
The cryptocurrency market today saw a rapid spike today after the latest US CPI was released lower than expected, and the lowest since April 2021 to date. The Consumer Price Index (CPI) report released showed that the core inflation rate, which does not take into account fluctuating food and energy costs, rose 3.4%, down from 3.6% in April and lower than the forecast increase of 3.5%. The overall CPI figure was also lower than expected. This has led people to believe that the Federal Reserve could slow interest rate hikes sooner than expected.
The lower inflation numbers have people hoping that the Federal Reserve may start to soften its policies, which could further help the cryptocurrency markets. Bitcoin and Ethereum led the gains
Following positive inflation news, the cryptocurrency market witnessed rapid price increases. The two largest digital currencies, Bitcoin (BTC) and Ethereum (ETH), lead the way. Bitcoin price has increased more than 3%, followed by ETH, altcoins and meme coins
However, there are still a number of other important economic reports released today, such as the Federal Budget Balance and announcements from the Federal Open Market Committee (FOMC). These upcoming events could also influence market sentiment and direction.
