April US CPI fell by 3.4%; BTC price rises to $64,000

The economy is heating up as the Consumer Price Index, the top measure of inflation, skyrockets to 3.4% in April. This unexpected surge has experts buzzing and consumers bracing for impact. But that’s not all – in a wild twist, the price of Bitcoin has also shot up to a staggering $64k in just 24 hours, leaving investors reeling.

US CPI Drop To3.4%

April’s U.S. consumer prices defied expectations by rising less than predicted, hinting at a potential easing of inflation as we enter the second quarter. This unexpected turn of events has sparked excitement in the financial world, with speculations of a September interest rate cut on the horizon.

The Consumer Price Index (CPI) has risen by a staggering 3.4% in the past 12 months, slightly lower than the previous month’s 3.5% spike. However, the battle against inflation seems to have hit a roadblock, as the current annual increase is still a whopping 9.1% higher than pre-pandemic levels back in June 2022.

The latest report from the Labor Department’s Bureau of Labor Statistics reveals a promising development in the economy – a modest 0.3% increase in the consumer price index for last month. This comes after consecutive rises of 0.4% in March and February, indicating a potential slowdown in price growth. Experts predict this trend to continue, bringing much-needed relief from inflation in the upcoming months.

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Core CPI Surge To 3.6%

The Core CPI, a key measure of inflation, has shown a monthly increase of 0.3%, in line with predictions from Wall Street experts. However, what’s catching everyone’s attention is the year-over-year rise of 3.6%, just shy of the previous month’s 3.8% spike.

Bullish News For Bitcoin

The highly anticipated CPI report has caused a frenzy in the market, as Bitcoin’s value shot up from $61,800 to an impressive $64,000 in a matter of minutes. That’s a whopping 3.8% increase! And that’s not all – the trading volume for Bitcoin also saw a significant surge of 10.9%, reaching a staggering $28.8 billion. As a result, Bitcoin’s market capitalization soared to an impressive $1.25 trillion.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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