Bitcoin Price Skyrockets Above $69,000 as US CPI Data Comes in Lower Than Expected

The cryptocurrency market has been on high alert as the US Consumer and Price Index (CPI) numbers for May were released earlier today. The general expectations hinted at a minor increase in CPI numbers, but the actual figures showed a slight movement, with a minor decrease to 3.3% compared to April’s numbers of 3.4%.

The US CPI numbers for May came in lower than expected, sparking a surge in the cryptocurrency market.

These CPI figures might have a particular influence on the financial markets, as the US Federal Reserve is set to meet later today to determine its monetary policy and whether it will follow the ECB in reducing the interest rates.

As I’ve been saying for weeks, the crypto market is highly sensitive to macroeconomic indicators, and today’s CPI numbers are a perfect example of this. The lower-than-expected inflation data has given the market a much-needed boost, and I’m not surprised to see bitcoin soaring above $69,000.

Bitcoin’s price surged above $69,000 following the release of the US CPI data.

The primary cryptocurrency had slumped to $66,000 as investors pulled $200 million out of the ETFs ahead of the CPI announcement and the subsequent FOMC meeting. However, it quickly recovered some ground to $67,500 and soared by more than a grand and a half within minutes after the CPI went out. Currently, bitcoin trades inches above $69,000.

All eyes will now be on the US Federal Reserve later today. The US central bank will meet to determine whether it will keep the interest rates at current levels of 5.25% to 5.5% or it will mimic the ECB and lower them.

As I’ve always said, the crypto market is highly volatile, and today’s events are a perfect example of this. The CPI numbers have given the market a much-needed boost, but it’s essential to remain cautious and keep a close eye on the Fed’s decision later today.

The US Federal Reserve will meet later today to determine its monetary policy.

In conclusion, today’s CPI numbers have given the crypto market a much-needed boost, and I’m excited to see how the market will react to the Fed’s decision later today. One thing is for sure - it’s going to be an exciting day for crypto enthusiasts!