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Bitcoin Plunges As US Inflation Rate Slows 

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Bitcoin has dropped 4.8% to about $30,145 after the inflation data report shows that the U.S. inflation slowed last month for the first time since November 2020.

Source: US BUREAU OF LABOR STATISTICS

BTCUSD is up + 1.11%

A report from the Labor Department shows that the Consumer Price Index dropped 8.3% in April from 8.5% recorded in March.

The core inflation, which excludes seasonally volatile food and energy prices, jumped 0.6% from March to double in the previous month’s rate and more than the 0.4% increase earlier forecasted.

The senior vice president and the director of developed market economic research, Eric Winograd, says that the year-on-year numbers were bound to decrease.

The inflation data will reportedly be less critical to the traders in general as they look to make an assumption about the actions that the Federal Reserve will take to tame the inflation.

The US Fed Chair Jerome Powell has previously announced that the central bank was likely to keep increasing rates by 50 basis points.

 

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