Breaking: Bitcoin Price Advances As US CPI Inflation Cools

The most awaited U.S. Consumer Price Index (CPI) data today showed that the U.S. inflation remained unchanged at 0.3% in May, more than the market estimates. Notably, market watchers were eagerly waiting for this crucial inflation data for cues on the current economic health and potential stance of the U.S. Federal Reserve with their policy rate plans.

So, let’s take a look at the current U.S. CPI inflation data in detail and see how it may impact the Bitcoin price as well as the broader crypto market.

U.S. CPI Inflation Cools Sparking Market Optimism

According to recent data by the U.S. Bureau Of Labor Statistics, the U.S. CPI remains unchanged at 0.3% in May. However, the market was anticipating the inflation to cool at 0.1% for the month. Despite the surge, on a yearly basis, the CPI inflation cooled to 3.3% from 3.4% in May.

Meanwhile, the Core CPI data, which excludes the food and energy prices, cools to 0.2% in May from 0.3% in the prior month. Simultaneously, the Core CPI figure on a yearly basis showed that the inflation has cooled to 3.4% from 3.6% in April. Notably, both the figures show a cooling inflation, sparking market optimism.

The cooling inflation data appears to have boosted the market sentiment, especially after last week’s robust U.S. Job data has impacted the risk-bet appetite of investors. Now, given the easing U.S. CPI inflation data, the crypto market will be keeping a close track of the FOMC interest rate decision scheduled for later today, followed by Fed Chair Jerome Powell’s press conference.

The post Breaking: Bitcoin Price Advances As US CPI Inflation Cools appeared first on CoinGape.