Bitcoin, Ethereum prices rise after U.S. inflation report

by

As an analyst with a background in economics and financial markets, I’ve closely monitored the relationship between inflation data and asset prices throughout my career. The latest U.S. inflation figures released by the Bureau of Labor Statistics (BLS) have once again proven to be a catalyst for price movements in Bitcoin (BTC) and stocks.

The price of Bitcoin and stocks surged noticably after the unveiling of the April US inflation figures were made public.

As a crypto investor keeping an eye on inflation, I closely monitor the Consumer Price Index (CPI). This economic indicator reveals how the average prices for a specific basket of urban consumer goods and services have changed over the past year. Recently, the CPI reported a noteworthy increase of 3.4%.

As a researcher, I would express it this way: The inflation rate for the current year, as reported by the U.S. Bureau of Labor Statistics (BLS), shows a modest decrease compared to the 3.7% rate recorded in March.

After the BLS report was released, Bitcoin’s price (BTC) peaked at $64,492 on various cryptocurrency exchanges, representing a 4% gain over the preceding 24 hours and a minor 1% uptick in the last hour, as indicated by CoinMarketCap.

As a cryptocurrency analyst, I’d observe that Ethereum (ETH), the second-largest digital currency by market capitalization, experienced a price hike to reach $2,960.94. This represented a 1.87% gain from the previous day and a 1% surge in value within an hour’s timeframe.

In their April report, the Bureau of Labor Statistics identified housing costs and gasoline prices as the major drivers of the inflation rate, underscoring the persistent economic strains in these areas.

Read More

2024-05-15 17:16