Bitcoin and Ethereum, along with stocks, saw a significant price uptick after the release of the April U.S. inflation data.
The Consumer Price Index (CPI), which tracks the average change in prices paid by urban consumers for a basket of goods and services, reported a 3.4% increase in consumer prices over the past year. This year-over-year inflation rate marks a slight decline from March’s 3.7%, according to the U.S. Bureau of Labor Statistics (BLS).
Following the BLS announcement, Bitcoin’s price (BTC) surged to $64,492, representing a 4% rise over the past 24 hours and a 1% increase within the last hour, as per CoinMarketCap data.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also experienced a price boost, reaching $2,960.94. This reflects a 1.87% increase from the previous day and a 1% rise within the last hour.
The BLS identified housing and gasoline prices as the primary contributors to April’s inflation rate, highlighting ongoing economic pressures in these sectors.
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