In a notable development, the Bitcoin price has surged past $63,000 following the release of the latest US Consumer Price Index (CPI) data, which showed a modest 0.3% increase in inflation, aligning with market expectations.
Investor sentiment appears buoyant as concerns over inflation seem to have abated, particularly in the wake of the CPI release. Market participants awaited the data eagerly, especially after recent reports indicated higher-than-expected inflation levels, adding to apprehensions of a potential hawkish stance by the Federal Reserve.
The US Labor Department's recent figures revealed that the Core CPI, excluding volatile food and energy prices, rose 0.3% on a monthly basis, meeting Wall Street estimates. Year-over-year, the Core CPI saw a 3.6% increase, slightly lower than the previous month's 3.8% surge. While inflation remains above the Fed's 2% target range, the market has responded positively to the better-than-expected data.
Despite persistent inflationary pressures, investors are seemingly optimistic about the economic outlook, as reflected in Bitcoin's rally post the CPI release. The market continues to monitor Federal Reserve Chair Jerome Powell's remarks regarding the central bank's monetary policy plans in response to evolving inflation dynamics.
Comentarios