Bitcoin gets a CPI report bump 🆙

U.S. consumer prices are still climbing, but slower than they were in March

Author

Stacy Elliott
May 15, 2024

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📝 What you need to know

A short break from the Roaring Kitty-fueled meme coin rally to look at U.S. consumer prices: The Bureau of Labor Statistics just reported that prices—mainly housing and gasoline—are still climbing. That’s the bad news.

But the good news is that April prices were 3.4% higher than they were the same time last year. That’s down from 3.7% in the March report. As a result, Bitcoin is now up 3.5% compared to yesterday and Ethereum is close to reclaiming $3,000 for the first time since Friday, May 10.

Why does it matter? If inflation shows signs of improvement, it increases the odds the Federal Reserve will lower interest rates before the end of the year. And lower rates have often been bullish for Bitcoin.

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