The post What About BTC & ETH Prices?  appeared on BitcoinEthereumNews.com.

The release of U.S. Consumer Price Index (CPI) data for April 2024 showed an inflation of 0.3%, spiking Bitcoin and Ethereum prices.  The US CPI Inflation Report April 2024 brought some relief for consumers, increasing 0.3% from March. According to the U.S. Bureau of Labor Statistics (BLS) report, a year-over-year inflation rate of 3.4%, a decline from 3.5% in March, was recorded. Interestingly, the decline in inflation somehow impacted the cryptocurrency market, especially the Bitcoin (BTC) and Ethereum (ETH) prices.     What Does the US CPI Inflation Report Say?  On May 15, April 2024, the CPI inflation report was released, indicating a sign of relief for consumers. CPI is the record of the average change over time in the values paid by urban consumers for everyday goods and services.  CPI for Urban Consumers (CPI-U) I Source: Bureau of Labor Statistics   In April 2024, the CPI for Urban Consumers (CPI-U) report hit 0.3% in inflation, excluding food and energy. However, the CPI inflation was lower than the previous two consecutive months, when the inflation recorded 0.4%.  The drop in the inflation rate relieved consumers and shifted their interest towards the crypto market, spiking the prices of BTC and ETH.   CPI Report’s Reaction to BTC & ETH Prices In response to the CPI report, BTC and ETH prices recorded a sudden surge within 24 hours. On May 16, Bitcoin Magazine shared the same news on X. #Bitcoin up 7% today 🚀 pic.twitter.com/rhChCE5CKC — Bitcoin Magazine (@BitcoinMagazine) May 15, 2024 The market was bullish when writing, with BTC at $66,279.01, indicating a sudden surge of 5.57% in a day with a market cap of $1,305,374,973,689. On May 15, BTC was trading at over $63K.  ETH, alternatively, after hitting $3,035.47 on May 16, is back to $2,997.88 with a market cap of $360,017,853,226 and $15,463,006,600…

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Filed under: News - @ May 16, 2024 4:26 pm