Bitcoin (BTC) climbs towards $64,000 as April US CPI numbers come out

TL;DR

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

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

BTC Price, Source: CoinGecko

Meanwhile, the total CPI for April 2024 watch to 3.4%, which is exactly what was expected.

The Federal Reserve’s goal is to reduce annual inflation to 2%. As such, he enforced multiple anti-inflationary policies in recent years, including rate hikes.

The latest CPI data is one of two releases ahead of the Federal Open Market Committee’s next meeting on June 12. The US central bank hinted at a turnaround in its aggressive anti-inflationary regime, but a rate cut is not expected until July at the earliest.

Lower interest rates make it easier to borrow money, and may spark more interest in riskier assets like Bitcoin. Many industry participants believe that this step may fuel a BTC rally due to the new capital inflow.

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