Bitcoin
Bitcoin and Ethereum Prices Rise After US Inflation Report
Bitcoin and stocks experienced a notable price increase following the release of US inflation data in April.
The Consumer Price Index (CPI), which measures the average change over time in the prices paid by urban consumers for a basket of consumer goods and services, indicated a 3.4% increase in consumer prices relative to the last year.
The annual inflation value represents a slight decrease in relation to the March inflation rate of 3.7%, reported by the US Bureau of Labor Statistics (BLS).
CoinMarketCap 24-hour BTC price
Shortly after the BLS published its findings, the price of Bitcoin (Bitcoin) reached $64,492, marking a 4% increase in the last 24 hours and a 1% increase in the last hour, according to CoinMarketCap.
24-hour ETH price from CoinMarketCap
Similarly, Ethereum (ETH), the second largest cryptocurrency by market capitalization, increased its price to $2,960.94, an increase of 1.87% from the previous day and 1% from the previous hour.
The BLS highlighted housing and gasoline as the main contributors to the inflation rate in April, reflecting continued economic pressures in these sectors.