Bitcoin’s price has soared past $69,000 after the latest US Consumer Price Index (CPI) for May showed a slight decline.Available data shows that the much-anticipated US CPI inflation data was better than several experts’ predictions.Charlie Bilello, the Chief Market Strategist at Creative Planning, said:“Overall, US CPI moved down to 3.27% year-on-year in May from 3.36% in April. US inflation has now been above 3% for 38 straight months. US Core CPI (ex-Food/Energy) moved down to 3.41% year-on-year from 3.62% last month. This is the lowest core inflation reading since April 2021.”Bilello further pointed out that the US Inflation rate has drastically reduced from the 9.1% peak of June 2022 to 3.3% today. He added that the decline in these numbers was caused by the “lower rates of inflation in used cars, gas utilities, apparel, food at home, gasoline, medical care, fuel oil, food away from home, shelter, and electricity.”The better-than-expected CPI numbers immediately had a positive impact on Bitcoin’s price, with the BTC rising by more than 2% on the 1-hour candle to as high as $69,377 as of press time.Mike Alfred, a board member at IREN Energy, pointed out that the movement showed that:“Bitcoin already knows that CPI + Fed won’t be major bearish catalysts. It’s a highly intelligent global macro asset that prices in almost everything in advance.”Meanwhile, the market attention has shifted to the US Federal Reserve, which will reveal its decision on current interest rates later today. Jesse Cohen, a Global Markets Analyst at Investing.com, said:“The May CPI Inflation report could give the Fed the confidence to begin laying out the carpet for rate hikes in the months ahead. It’s going to take a minimum of three or four soft inflation prints before I think they’re ready to cut rates, but this would be a start.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Daily digest of top crypto stories and market insights. Never miss out.The survey of Fortune 500 companies — conducted by The Block on behalf of Coinbase — revealed a 14-point drop in developer share over the past five years despite an uptick in the top companies moving on-chain.Ongoing decline in readily tradable Bitcoin sees liquid supply reaching new lows.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
