RIOT - Bitcoin climbs past $28K after April CPI report shows inflation easing Y/Y

2023-05-10 10:31:41 ET

Bitcoin ( BTC-USD ) edged higher on Wednesday, crossing $28K soon after the release of the latest CPI report, which indicated that inflation was cooling, boosting the odds of the Federal Reserve pausing its rate hikes at its meeting in June.

The Consumer Price Index rose 0.4% M/M in April , matching the 0.4% growth expected, but higher than the 0.1% increase in March. On a Y/Y basis, CPI gained 4.9%, a hair under the 5% growth expected and slightly easing from March's 5% increase.

The odds of the Fed pausing rate hikes at its June meeting increased to ~86% from ~79% a day ago.

"The Y/Y data is great as it's lower than expected, but the M/M data is worse than expected and shows that inflation remains sticky," said Michaël van de Poppe, cryptocurrency trader and founder of Dutch digital asset trading consultancy Eight Global. "End status; we'll be having a prolonged period with it and neutral data. Chop season it is for bitcoin."

Bitcoin ( BTC-USD ) rose 2.7% to $28.23K as of 10.29 am ET, while ether ( ETH-USD ) gained 2.2% to $1.88K.

Crypto-related stocks trading the green include: CleanSpark ( CLSK ) +15.9% , Bit Digital ( BTBT ) +11.5% , Riot Platforms ( RIOT ) +9.6% , Cipher Mining ( CIFR ) +9.5% , Marathon Digital ( MARA ) +9% , Coinbase ( COIN ) +3.9% .

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