Bitcoin (BTC) Price Moves as US CPI for May Hits 2-Year High

The May Consumer Price Index (CPI) report has just been released, showing that inflation in the United States increased precisely as economists had forecasted.

 

 

The figure surged to 4.2%, the highest level since April 2023. For its part, Core CPI (which excludes food and energy prices) has risen to a nine-month peak of 2.9% (again meeting expectations).

This is a concerning development, especially since the Federal Reserve views 2% inflation as healthy. The Kobeissi Letter nowwarns that the likelihood of future rate hikes is climbing: a factor that may trigger a further sell-off in the already fragile crypto market.

Somewhat surprisingly, though, BTC jumped after the disclosure, reaching almost $62,000 before reversing to the current $61,500 (per TradingView).

Most leading altcoins, including Ethereum (ETH), Solana (SOL), and Ripple (XPR), have mirrored the movement. However, the market remains highly volatile, and the near-term price direction remains unclear.

BTC Price, Source: TradingView

The postBitcoin (BTC) Price Moves as US CPI for May Hits 2-Year High appeared first onCryptoPotato.