Ethereum
Bitcoin, Ethereum Prices Rise After US Inflation Report
Bitcoin and stocks saw a notable price increase following the release of April US inflation data.
The consumer price index (CPI), which measures the average change over time in the prices paid by urban consumers for a basket of consumer goods and services, indicated a 3.4% increase in prices at consumption compared to last year.
The year-on-year inflation figure represents a slight decrease from the 3.7% inflation rate recorded in March, as shown reported by the U.S. Bureau of Labor Statistics (BLS).
24-hour BTC price from CoinMarketCap
Shortly after the BLS released its findings, the price of Bitcoin (BTC) reached $64,492, up 4% in the last 24 hours and 1% in the last hour, according to CoinMarketCap.
24-hour ETH price from CoinMarketCap
Likewise, Ethereum (ETH), the second largest cryptocurrency by market capitalization, increased its price to $2,960.94, up 1.87% from the previous day and 1% from the hour before.
The BLS noted that housing and gasoline were the largest contributors to the inflation rate in April, reflecting continued economic pressures in these sectors.