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 Bitcoin (BTC) Price Moves as US CPI for May Hits 2-Year High appeared first on CryptoPotato.
 Regular CPI has risen a lot more than Core CPI, given the significant increase in energy costs due to the war. AA News, Crypto News, social, SocialFB, Bitcoin (BTC) Price, United StatesÂ
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.