Bitcoin (BTC) rises to $64K as US April CPI numbers come out

TL; DR

Bitcoin rose 4% to $64,000 as the Consumer Price Index (CPI) met expectations. Expectations that the Federal Reserve may ease its anti-inflationary measures fueled BTC's rally as lower interest rates could boost investment in riskier assets.

The price of major cryptocurrency rose slightly after the US Bureau of Labor Statistics released the latest Consumer Price Index (CPI). It rose to $64,000, a 4% increase on a 24-hour scale.

Meanwhile, the overall CPI for April 2024 It is closed At 3.4% that is Exactly What were the expectations?

The Federal Reserve's goal is to reduce annual inflation to 2%. As such, it has implemented several anti-inflationary policies over the past few years, such as price hikes.

The latest CPI data is one of two released ahead of the next Federal Open Market Committee meeting on June 12. The U.S. central bank has signaled a tipping point in its aggressive anti-inflation regime, but rate cuts is not Expected Until In early July.

Lowering interest rates makes it easier to borrow money, making it more attractive to riskier assets like Bitcoin. Many industry participants to believe This move could fuel BTC's rally due to the new influx of capital.