Blockchain | Cryptocurrency P.CRYPTO$

Bitcoin Blasts Off After Inflation News!

[cryptoalerts]

After trading sideways in the past several days, the price of Bitcoin has once again headed north on May 15. It soared from $61,500 to over $66,500 in a matter of hours, currently standing at approximately $66,000 (per CoinGecko’s data). The uptick occurred shortly after the latest Consumer Price Index (CPI) data was released by the US Bureau of Labor Statistics. It showed that the inflation rate in the world’s largest economy clocked in at 3.4%, meeting previous expectations. The Federal Reserve’s goal is to decrease the annual inflation to 2%. As such, it implemented multiple measures in the past few years, including rate hikes. America’s central bank hinted at a pivot sometime this year which is seen by many industry participants as a bullish factor for Bitcoin and the entire industry. After all, lowering interest rates makes money borrowing easier, possibly sparking more interest in riskier assets such as cryptocurrencies.

After trading sideways in the past several days, the price of the primary cryptocurrency has once again headed north on May 15. It soared from $61,500 to over $66,500 in a matter of hours, currently standing at approximately $66,000 (per CoinGecko’s data).

The uptick occurred shortly after the latest Consumer Price Index (CPI) data was released by the US Bureau of Labor Statistics. It showed that the inflation rate in the world’s largest economy clocked in at 3.4%, meeting previous expectations. The Federal Reserve’s goal is to decrease the annual inflation to 2%. As such, it implemented multiple measures in the past few years, including rate hikes. America’s central bank hinted at a pivot sometime this year which is seen by many industry participants as a bullish factor for Bitcoin and the entire industry. After all, lowering interest rates makes money borrowing easier, possibly sparking more interest in riskier assets such as cryptocurrencies.