The digital asset market turned green as the US announced a 3.3% unadjusted CPI annual rate in May. It is slightly below the expected 3.4% and down from the previous 3.4%. Bitcoin (BTC) instantly jumped by 2% in a race to regain the $70,000 mark. Other major cryptos like Ether (ETH) and Solana (SOL) price spiked by more than 3% since the release of the data.
Bitcoin jumps on positive CPI data
Reports show that the unadjusted core CPI annual rate was 3.4% which is lower than the anticipated 3.5% and the previous 3.6%. This marks the lowest since April 2021. However, the CPI remained flat month-over-month. This reflects a modest easing of inflation.
The economists had predicted a 0.1% monthly increase and a 3.4% annual rate. Core CPI, excluding food and energy, rose 0.2% monthly and 3.4% annually. This is against the expectations of 0.3% and 3.5%.
Following the report, stock futures climbed while Treasury yields dropped. Energy prices fell 2%, with gas prices down 3.6%. Shelter inflation increased 0.4% monthly and 5.4% annually. This highlights the ongoing challenges in the Federal Reserve’s inflation battle.
Bitcoin which was trailing over the past week with concerns about harsh inflation data printed green by regaining the $69k price mark. BTC price hovering around $67,000 price levels swiftly jumped on the high tides. The biggest crypto is trading at an average price of $69,446, at the press time, just shy of $70K.
What’s up with other tokens?
The cumulative crypto market cap surged by over 3% over the last day to stand at $2.53 trillion. Its 24 hour trading volume stood at $80 billion.
Ether, the second biggest crypto, also jumped by more than 3%. ETH is trading at an average price of $3,647, at the press time.
PEPE, the trending meme crypto, added another 13% gains in the last 24 hours boasting other similar tokens. PEPE price is up by 50% in the last 30 days. It is trading at an average price of $0.0000138, at the press time.
dogwifhat (WIF) is another major gainer among the meme cryptos. WIF price surged by 11% over the last 24 hours. WIF is trading at an average price of $2.89, at the press time.
