Bitcoin Price Soars As US CPI Data For May Comes As Expected

The market participants had expected the CPI data to show signs of easing Inflation, with prices expected to have risen 0.1%, compared to the 0.4% rise in April 2023. On the other hand, the market participants are anticipating a rate hike pause decision from the June 14, 2023 Federal Open Market Committee (FOMC) meeting.

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Also Read: XRP Lawsuit: Vitalik Involved In Process Of Hinman’s Infamous ETH Speech; Reveals Docs

The CPI Index, also called Inflation numbers, measures the average change over time in the costs paid by urban consumers for goods and services. In the lead up to the CPI data release, the Bitcoin price saw a jump over the last 24 hours, leading it to the $26,000 range. The BTC price registered a 3% jump compared to the daily low of $25,700 level.

Also Read: Ethereum Price Prediction: Are $ETH And $BTC Securities? Here’s Trading Plan For ETH Price This Week

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