Bitcoin sees brief surge after CPI announced
What the numbers say: Bitcoin (BTC) saw a brief price increase after the U.S. Bureau of Labor Statistics (BLS) announced the annual Consumer Price Index (CPI) rate for March was 5%, the lowest rate in two years, remaining slightly under the expectation of 5.2%. The leading cryptocurrency increased by nearly 1.5% in value within minutes of the announcement, strengthening its position around the $30,000 level after a short regression to $29,000.
Relevance: The CPI has declined for nine consecutive months after reaching a 41-year high in June 2022 at 9.1%. BLS announced the inflation rate as 6% YoY last month, causing Bitcoin to hit $26,000 with a 5% price increase and reach a nine-month high. The popular cryptocurrency recently surpassed the $30,000 barrier for the first time since June 2022.
Brands that should care: Larger crypto exchanges, including Binance, Coinbase, OKX, Crypto.com, and Gate.io, are expected to see a spike in Bitcoin inflows due to investors' rising interest in the popular cryptocurrency since it started to rise again after a prolonged crypto winter.
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