bitcoin and stocks saw a notable price increase following the release of April inflation data in the United States.
The Consumer Price Index (CPI), which measures the average change over time in prices paid by urban consumers for a basket of consumer goods and services, indicated a 3.4% increase in retail prices. consumer compared to last year.
The year-on-year inflation figure represents a slight decrease from the March inflation rate of 3.7%, as reported by the US Bureau of Labor Statistics (BLS).
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Shortly after the BLS published its findings, the price of bitcoin (btc) hit $64,492, up 4% in the last 24 hours and up 1% in the last hour, according to bitcoin/” data-type=”link” data-id=”https://coinmarketcap.com/currencies/bitcoin/” target=”_blank” rel=””>CoinMarketCap.
<img loading="lazy" decoding="async" width="1024" height="495" src="https://crypto.news/app/uploads/2024/05/ETH_1D_graph_coinmarketcap-1-1024×495.jpeg” alt=”bitcoin and ethereum prices rise after US inflation report – 2″/>
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 up 1% from an hour earlier.
The BLS highlighted housing and gasoline as the largest contributors to the inflation rate in April, reflecting current economic pressures on these sectors.
