Bitcoin Skyrockets to $64.7K Amidst 3 Years Record-Low US Core Inflation Report
The majority of the Bitcoin buyers showed their full bull confidence in Bitcoin, as the US CPI shows core inflation at a 3-year low.
The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $64,378 & this trade price is 3.35% over the last 24 hours.
The sudden increment in the trade price of Bitcoin took place because of the latest announcement by the US on the CPI rate.
As per the announcement, In April, the cost of goods and services in the US went up by 3.4% compared to last year. This matches what experts predicted. The core inflation rate, which excludes volatile items like food and energy, went up by only 0.3% in April compared to the previous month. This is the smallest increase since December. The yearly core inflation rate in April was 3.6%, slightly lower than expected and down from the previous month’s 3.8%.
On behalf of this shared data, Bitcoin traders think the Federal Reserve might lower interest rates in September and December because the CPI data was a bit lower than what they expected.
In response to this small pump in the trade price of Bitcoin, many financial experts said that we can’t consider this data as a very big bullish factor for any kind of money market.
Popular Bitcoin trader Skew said that the Bitcoin trade price needs to cross the $65k level to enter a better bull phase.
US, Crypto, & politics
At the present, the regulatory environment for the crypto sector is very bad. The majority of the crypto players in the US are facing legal hurdles.
Crypto people are optimistic with the upcoming US presidential election, as few presidential candidates, including Donald Trump, showed support for Bitcoin adoption.
