Odaily Planet Daily News: The cryptocurrency market rebounded after the release of CPI data on Wednesday. Analysts at Bitfinex said: "After the news that CPI was below 3.4% in April and core CPI was 3.6%, we saw Bitcoin prices rise by about 2.5%, which is in line with expectations." It also said that investors believe that weak inflation data is a shift in a bullish mechanism because it marks the first decline in CPI inflation in the past three months, and it comes after the Federal Reserve announced its intention to reduce quantitative tightening. The analyst added: "In the past two months, the CPI has formed a local top, so this is seen as data that is favorable for risky assets, but it has the opposite effect." However, they emphasized that the inflation rate is still above 3%, and on Tuesday, PPI inflation data showed a third consecutive month of increase. "Although the decline in inflation data is good news, investors will have to wait and see whether the Federal Reserve thinks this is positive enough news to cut interest rates." (The Block)
