The price of Bitcoin (BTC) has managed to reclaim the pivotal $69,000 level after the release of the May consumer price index (CPI).
The unadjusted CPI annual rate in May was lower than expected (3.3% vs. 3.4%).
Notably, US CPI was flat on the month despite estimates for a gain of 0.1%.
“Big relief for inflation watchers. S&P futures rally 40 points, bond yields drop as May CPI comes in unchanged month-over-month, below expectations of up 0.1%; ex-food & energy up 0.2%, also below expectations of up 0.3%,” CNBC’s Bob Pisani said.
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Swaps traders now overwhelmingly expect the Federal Reserve to opt for a quarter-point rate cut in November following the recent inflation data.
As reported by U.Today, the flagship cryptocurrency slipped to the $66,000 level on Tuesday due to the double-whammy of Bitcoin exchange-traded fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now pared its recent losses due to the encouraging inflation data.
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Bitcoin has surged in tandem with US stocks. S&P 500 futures are up more than 50 points after the CPI report.
Meanwhile, the 10-year Treasury yield has dropped to 4.273%, the lowest level since Apr. 1.
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