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May 22, 2024
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Bitcoin, Ethereum prices rise after U.S. inflation report

Bitcoin and stocks experienced a notable price increase following the release of the April U.S. inflation data.

The Consumer Price Index (CPI), which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, indicated a 3.4% increase in consumer prices from last year.

The year-over-year inflation figure represents a slight decrease from March’s inflation rate of 3.7%, as reported by the U.S. Bureau of Labor Statistics (BLS).

Bitcoin, Ethereum prices rise after U.S. inflation report - 1
24-hour price of BTC from CoinMarketCap

Shortly after the BLS published its findings, Bitcoin’s price (BTC) reached $64,492, marking a 4% rise over the past 24 hours and a 1% increase within the last hour, according to CoinMarketCap.

Bitcoin, Ethereum prices rise after U.S. inflation report - 2
24-hour price of ETH from CoinMarketCap

Similarly, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, increased its price to $2,960.94, up 1.87% from the previous day and 1% from an hour earlier.

The BLS highlighted housing and gasoline as the primary contributors to the inflation rate in April, reflecting ongoing economic pressures in these sectors.

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