According to CNBC: The price of Bitcoin (BTC) surged in response to indications of decreasing inflation in the United States. The cryptocurrency's price escalated over 5% to $64,910.57, marking its best performance since March 25, based on data from Coin Metrics. Analyst Owen Lau from Oppenheimer highlighted that a lower-than-expected Consumer Price Index (CPI) figure increases the likelihood of a rate cut, a crucial factor influencing Bitcoin's price.
The U.S. Department of Labor's Bureau of Labor Statistics disclosed that the consumer price index, a broad gauge of goods and services, climbed 0.3% from March, slightly below the Dow Jones estimate of 0.4%. Despite being 3.4% higher than a year ago, consumer prices have begun to show signs of slowing down.
While the potential for rate cuts remains uncertain, it might ignite a renewed investor appetite for riskier assets, such as cryptocurrencies. This, in turn, could stimulate increased flows into Bitcoin spot Exchange-Traded Funds (ETFs).
