Bitcoin recently rose above $66,000 for the first time since April. This recent price rally from the flagship crypto is believed to be due to several factors, including the recently released inflation data. Inflation Data Comes In Lower Than Expectations The Consumer Price Index (CPI) inflation data was announced on May 15 and came in lower than expected. The CPI rose by 0.3% in April, against forecasts of 0.4%. The CPI data was also lower than those recorded in March and February, when inflation rose by 0.4%. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has provided some relief for investors, as the Fed is likely to maintain a dovish stance and consider rate cuts as inflation looks to decline. Lower interest rates mean investors will be more confident investing in risk assets like Bitcoin. Another factor contributing to Bitcoin’s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitc ..
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