by Tiffany Wang, WOO X Analyst
The April 2024 US Consumer Price Index (CPI) report is lower than expected, with an increase of 0.3% month-over-month (MoM) and 3.4% year-over-year (YoY). Inflation eased as smaller gains in services, such as food services, offset continued strong rises in rent and gasoline prices. While the path to the Federal Reserve's 2% target is not yet complete, progress is evident. The stock market showed a positive reaction after the data was printed.
Crypto and blockchain events this week
From WOO X Research: A sustained value above $65,000 could suggest bullish activity
The US CPI data triggered expectations of a cut in interest rates by the Federal Reserve in September and December, causing BTC to surge by 7.5% and reach a top of $66,666. A sustained value above $65,000 could suggest bullish activity, and surpassing $68,000 might demonstrate an upward trend. The market movement following this BTC breakout remains under scrutiny.
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