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The Bitcoin price remains constant, as investors appear to have dismissed inflation concerns, particularly following the recent U.S. The Consumer Price Index (CPI) has been released. Notably, market investors were keenly anticipating the U.S. CPI data, particularly with the recent U.S. PPI statistics showed that inflation has risen faster than predicted.
Meanwhile, inflationary pressure has weighed on investor morale, with expectations growing over the Federal Reserve's probable hawkish attitude.
U.S. CPI and Core CPI Show Moderate Gains, Indicating Persistent Inflation Concerns
Recent data from the U.S. The Labor Department said that the U.S. The Consumer Price Index (CPI) increased by 0.3% in April, falling short of market estimates of 0.4%. Notably, the CPI climbed at the same rate as the previous month. Unadjusted, the U.S. CPI, a key metric for understanding inflation levels, rose 3.4% year on year (YoY), in line with market expectations.
Simultaneously, the Core CPI, excluding food and energy prices, climbed 0.3% on a monthly basis, matching Wall Street expectations. On a year-over-year basis, the Core CPI increased 3.6% after rising 3.8% in the previous month.
Notably, although appearing to be cooling, inflation remains above the Fed's 2% target range, dragging on global investor mood. Despite this, investors appear to be praising the better-than-expected results.
For context, the most recent U.S. PPI inflation figures came in higher than expected. Following that, Federal Reserve Chair Jerome Powell restated the central bank's position on their rate hike plans.
Powell Hints at Steady Interest Rates Amid Persistent Inflation and Market Volatility
On Tuesday, Fed Chair Jerome Powell stated that inflation is still high, and that the central bank may keep interest rates steady for a lengthy term. Notably, inflationary pressures have kept a number of investors on the sidelines, resulting in increased market volatility.
However, the fresh CPI data appears to have provided some relief to investors, reducing concerns about the Federal Reserve's more hawkish stance. According to the CME FedWatch Tool, there is a 96.9% possibility that the central bank will maintain current interest rates during their June meeting.
Meanwhile, in response to the CPI statistics, the US 10-year bond yield decreased 2.07% to $4.354, while the U.S. The Dollar Index dropped 0.42% to $104.455. Despite the jump in PPI inflation statistics, which has stoked fears, it appears that investors are focusing on other areas for the time being.
For comparison, the Bitcoin price increased 3.48% during writing and was trading at $63,656.35, having reached a 24-hour high of $63,773.87 in the previous 24 hours. The one-day trading volume of the flagship cryptocurrency also increased by 8.77% to $27.82 billion.
Additionally, the Bitcoin Futures Open Interest (OI) increased by 1.75% in the last four hours to 474.38K BTC, or $30.25 billion, according to CoinGlass statistics. This demonstrates that investors are still adjusting their risk-bet appetite following the lowering inflation figures.
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