Bitcoin (BTC) Price Moves as US CPI for May Hits 2-Year HighThe May Consumer Price Index (CPI) report has just been released, showing that inflation in the United States increased precisely as economists had forecasted.
The figure surged to 4.2%, the highest level since April 2023. For its part, Core CPI (which excludes food and energy prices) has risen to a nine-month peak of 2.9% (again meeting expectations).
This is a concerning development, especially since the Federal Reserve views 2% inflation as healthy. The Kobeissi Letter now warns that the likelihood of future rate hikes is climbing: a factor that may trigger a further sell-off in the already fragile crypto market.
Somewhat surprisingly, though, BTC jumped after the disclosure, reaching almost $62,000 before reversing to the current $61,500 (per TradingView).
Most leading altcoins, including Ethereum (ETH), Solana (SOL), and Ripple (XPR), have mirrored the movement. However, the market remains highly volatile, and the near-term price direction remains unclear.
BTC Price, Source: TradingView The post appeared first on CryptoPotato.
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The May Consumer Price Index (CPI) report has just been released, showing that inflation in the United States increased precisely as economists had forecasted.
The figure surged to 4.2%, the highest level since April 2023. For its part, Core CPI (which excludes food and energy prices) has risen to a nine-month peak of 2.9% (again meeting expectations).
This is a concerning development, especially since the Federal Reserve views 2% inflation as healthy. The Kobeissi Letter now warns that the likelihood of future rate hikes is climbing: a factor that may trigger a further sell-off in the already fragile crypto market.
Somewhat surprisingly, though, BTC jumped after the disclosure, reaching almost $62,000 before reversing to the current $61,500 (per TradingView).
Most leading altcoins, including Ethereum (ETH), Solana (SOL), and Ripple (XPR), have mirrored the movement. However, the market remains highly volatile, and the near-term price direction remains unclear.
The post appeared first on CryptoPotato.
read the full story
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