After the US announced CPI data for April, bitcoin finally experienced some volatility following several days of failing to produce significant moves in either direction.
Estimations for the CPI were 5% YoY and 5.5% for the Core CPI, with all eyes on the 2024 fiscal budget and US debt in recent weeks. The CPI numbers for April took center stage on Wednesday prior to the Labor Department’s announcement.
- Estimations for the Consumer Price Index in April were 5%, but the actual yearly increase was slightly lower at 4.9%, with a monthly decline compared to the figures for March when the CPI was 5%.
- The Core CPI, which excludes more volatile sectors such as food and energy, met expectations with a 5.5% YoY increase.
- Bitcoin immediately surged in price from $27,500 to chart a multi-day high at over $28,000 in response.
