Bitcoin cracks $28K on CPI amid warning US inflation 'highly elevated'
Bitcoin joins altcoins in reacting strongly to CPI data coming in below estimates, with BTC price clawing back ground toward $30,000. Bitcoin (BTC) ticked higher around the May 10 Wall Street open as United States inflation data beat expectations. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Markets eye June Fed rate hike pause Data from Cointelegraph Markets Pro and TradingView showed BTC/USD responding instantly to the April Consumer Price Index (CPI) print, up 1.7% on the day. The pair saw local highs of $28,328 on Bitstamp before consolidating immediately above the $28,000 mark. CPI had come in at 4.9% year-on-year, a shade below the expected 5.0%. This gave a clear signal that U.S. inflation was continuing to decrease, once more in line with predictions from both the Federal Reserve and external sources. Headline CPI for April came in at 4.9% this morning, which continues the dis inflation ary trend. pic.twitter.com/e5MResLeKC — Lyn Alden (@LynAldenContact) ...