US CPI Shocker 📊: How It Propelled Bitcoin Above $69,300! 🚀
Bitcoin has just surged above $69,300, while altcoins are turning green 🌿, thanks to a surprising US Consumer Price Index (CPI) report. The CPI for May was flat, missing economists’ forecasts of a 0.1% increase 📉 and dropping from April's 0.3%. Year-on-year, the CPI rose 3.3%, slightly below the predicted 3.4% 📈. The core CPI, which excludes food and energy costs, rose by 0.2% in May, beating the forecast of 0.3% 📊 and down from 0.3% in April. Year-on-year, the core CPI increased by 3.4%, undercutting the expected 3.5% and April's 3.6%.
These figures are particularly relevant as the US Federal Reserve meets soon to discuss monetary policy 🏛️, potentially following the ECB in cutting interest rates. The weaker-than-expected CPI figures sparked immediate price movements in the crypto market 💹.
Before the data release, Bitcoin dipped to $66,000 as investors withdrew $200 million from ETFs 💰. However, moments after the CPI news, BTC soared by more than $1,500 💥, trading at $69,342 with a 3.5% daily gain 📈. Ethereum (ETH) also climbed 2.4% to $3,620, while most of the top 100 cryptocurrencies turned green 🌿. Only two altcoins, FLARE (-3%) and TRX (-0.2%), remained in the red 🔴.
The focus now shifts to the US central bank's meeting outcome, where a decision will be made on whether to maintain interest rates at the current range of 5.25% to 5.5% or to cut them for the first time.
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