Bitcoin (BTC) rose to $28,153 on Wednesday, May 10, after the latest consumer price index (CPI) report showed that US inflation fell more than expected in April.
The world’s biggest crypto coin jumped more than 1.5% from $27,690 and added over $10 billion to its market worth in just a few minutes as crypto investors welcomed the fact that inflationary pressures continued to ease last month, driving expectations of the Federal Reserve’s pause in its policy tightening campaign.
BTC 1-day price chart. Source: Finbold
According to the Bureau of Labor Statistics (BLS), annual inflation fell to 4.9% in April, compared to economists’ expectations of 5%. Month-on-month, inflation climbed 0.4%, higher than the 0.1% increase recorded in March.
Core inflation, which disregards food and energy costs, rose 5.5% year-over-year, in line with the estimates.
Potential Fed pivot
The bigger-than-anticipated inflation rate drop comes just a week after the Federal Reserve delivered its most rec
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