Crypto Market Hold Steady After Reports of US Inflation Declines to 2.3%

US inflation dropped to 2.3% in April, with CPI rising 0.2%, signaling moderate inflation. Core CPI held at 2.8%, increasing calls for the Federal Reserve to cut interest rates. Bitcoin and altcoins remained stable, with the market cap holding at $3.3 trillion. According to the Bureau of Labor Statistics, the US inflation declined marginally in April, coming in below the expected value. The headline Consumer Price Index (CPI) rose by 0.2% month-on-month, against the projected 0.3%. On a year-on-year basis, the inflation also went against economists’ forecasts, from the projected CPI of 2.4% to 2.3%, indicating a less inflationary scenario than previously imagined. The core CPI, which excludes food and energy, rose 0.2% in April(MoM). However, the year-on-year core CPI remained steady at 2.8%, higher than the Federal Reserve’s 2% target. These numbers have renewed calls for the Fed to lower interest rates, a move that could support assets such as Bitcoin and altcoins. Bitcoin and Ethereum, which trade at $103,693 and $2,548 , respectively, maintained their position after the announcement of the data. The cryptocurrency market was little affected following th… The post Crypto Market Hold Steady After Reports of US Inflation Declines to 2.3% appeared first on Coin Edition .

Source: Coin Edition