Bitcoin rises as inflation eases

Bitcoin’s price surpassed $65,000 following the release of the April Consumer Price Index (CPI) in the US, which showed a 3.4% year-on-year increase, indicating a slight decline in inflation.

Ethereum also rose above $3,000, according to CoinGecko data.

The latest inflation data has also sparked a positive reaction in the stock market, with US stock futures rising and a possible reassessment of the Federal Reserve’s interest rate plans.

Interest rate investors are now adjusting their expectations; CME’s FedWatch tool shows a 91.6% chance that the Fed will maintain rates in June and a 65.1% chance in July.

The probability of a rate cut in September increased to 51.4 percent.

This shift in market sentiment follows higher-than-expected inflation readings that had previously dampened interest rate cut hopes.

Pepe, the memecoin that has led the market’s rally recently amid the resurgence of meme stocks and GameStop, slowed its momentum, falling 1.8% in the past 24 hours through 3 PM ET.

But it still tops all cryptocurrencies in the top 100 with 27% in weekly gains, according to CoinGecko data.