The Bitcoin price remains stable, as the investors seem to have shrugged off the inflation concerns, especially after the latest U.S. Consumer Price Index (CPI)<\/a> release. Notably, the market participants were eagerly waiting for the U.S. CPI data, especially after the recent U.S. PPI data showed that the inflation has soared more than expected.<\/span><\/p>\n Meanwhile, the inflationary pressure has so far weighed on the investors\u2019 sentiment, with anticipating soaring over a potential hawkish stance by the Federal Reserve.<\/span><\/p>\n <\/p>\n The recent data from the U.S. Labor Department<\/a> showed that the U.S. Consumer Price Index (CPI) rose by 0.3% in April, lower than the market expectations of 0.4%. Notably, the CPI rose at the same rate in the prior month. On an unadjusted basis, the U.S. CPI, a core figure to understand the inflation level, advanced 3.4% on a year-over-year (YoY) basis,\u00a0<\/span>in line with<\/span>\u00a0the market expectations.<\/span><\/p>\n Simultaneously, the Core CPI, excluding food and energy prices, rose 0.3% on a monthly basis, in line with the Wall Street estimates.\u00a0<\/span>On a YoY basis<\/span>, the Core CPI jumped 3.6<\/span>%,<\/span>\u00a0after soaring 3.8% in the prior month.<\/span><\/p>\n Notably, although the inflation<\/a> seems to be cooling, it still stays higher than the Fed\u2019s 2% target range, weighing on the global investors\u2019 sentiment. However, despite that, the investors seem to be lauding the better-than-anticipated figures.<\/span><\/p>\n <\/p>\n For context, the latest U.S. PPI inflation<\/a> data comes in more than the market <\/span>was expecting<\/span>. Following that, Federal Reserve Chair Jerome Powell reiterated the central bank\u2019s stance with their rate hike plans.<\/span><\/p>\n <\/p>\n Also Read:\u00a0Bitcoin Whales Drain 15400 BTC From Coinbase In A Day, Price To Rally?<\/a><\/strong><\/p>\n On Tuesday, Fed Chair Jerome Powell<\/a> said that the inflation is still high and considering that, the central bank might keep the interest rate unchanged for an extended period. Notably, the inflationary pressure has kept a flurry of investors on the sideline, triggering heightened volatility in the market.<\/p>\n However, the recent CPI data seems to have offered some relief to investors, lowering concerns over a more hawkish step by the Federal Reserve. According to the CME FedWatch Tool, there is a 96.9% chance that the central bank<\/a> will hold on to the current interest rate level at their upcoming June meeting.<\/p>\n Meanwhile, following the CPI data, the U.S. 10-year Bond Yield fell 2.07% to $4.354, while the U.S. Dollar Index plunged 0.42% to $104.455. However, despite the spike in the inflation data that has fueled concerns, it seems that the investors are focusing on other areas for now.<\/p>\n <\/p>\n For context, the Bitcoin price<\/a> rose 3.48% during writing and traded at $63,656.35, after touching a 24-hour high of $63,773.87 in the last 24 hours. The one-day trading volume of the flagship crypto also surged 8.77% to $27.82 billion.<\/p>\n Additionally, the Bitcoin Futures Open Interest (OI)<\/a> also rose 1.75% over the last four hours to 474.38K BTC or $30.25 billion, CoinGlass data showed. This reflects that the investors are still moving with their risk-bet appetite after the cooling inflation data.<\/p>\n Also Read: Interactive Brokers Debuts BTC, ETH, & Other Crypto Trading Services In the UK<\/a><\/strong><\/p>\n <\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nU.S. Core CPI Soars 3.6%<\/span><\/h2>\n
Bitcoin Price Rallies<\/strong><\/h2>\n
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