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Bitcoin (BTC) Price Skyrockets Above $69,000 as US CPI Data Comes Lower Than Expected
The US Consumer Price Index for May showed little movement for inflation data, showing a slight decline to 3.3% compared to April’s numbers of 3.4%.
This consumer price index data could have a particular influence on financial markets, as the US Federal Reserve meets later today to determine its monetary policy and whether it will follow the ECB in reducing interest rates.
Being lower than expected, the US CPI numbers resulted in immediate price volatility for bitcoin and the rest of the cryptocurrency market.
AS reported previously, the leading cryptocurrency had plummeted to $66,000 as investors pulled $200 million from ETFs before the CPI announcement and subsequent FOMC meeting.
BTC had recovered ground reaching $67,500 and had risen by more than a thousand and a half minutes after the CPI closed. Currently, bitcoin is trading a few centimeters above $69,000.
Today all eyes will be on the US Federal Reserve. The US central bank will meet to decide whether it will keep interest rates at the current levels of between 5.25% and 5.5% or whether it will imitate the ECB and inferior They.