Breaking: Bitcoin Remains Steady After Cooling US CPI Inflation Data

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) 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.

Meanwhile, the inflationary pressure has so far weighed on the investors’ sentiment, with anticipating soaring over a potential hawkish stance by the Federal Reserve.

U.S. Core CPI Soars 3.6%

The recent data from the U.S. Labor Department 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, in line with the market expectations.

Simultaneously, the Core CPI, excluding food and energy prices, rose 0.3% on a monthly basis, in line with the Wall Street estimates. On a YoY basis, the Core CPI jumped 3.6%, after soaring 3.8% in the prior month.

Notably, although the inflation seems to be cooling, it still stays higher than the Fed’s 2% target range, weighing on the global investors’ sentiment. Besides, it also sparked concerns over a further hawkish stance by the central bank with their policy rate plans.

For context, the latest U.S. PPI inflation data also comes in more than the market was expecting. Following that, Federal Reserve Chair Jerome Powell reiterated the central bank’s stance with their rate hike plans.

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