Bitcoin Surges as US Inflation Rises
blockchain.newsBitcoin, the world's largest cryptocurrency, experienced a surge in price following the release of the US Department of Labor's latest Consumer Price Index (CPI) data for February 2023.
The CPI, which measures the average change in consumer prices for a basket of goods and services, rose 0.4% last month on a seasonally adjusted basis.
The all-items index denoting inflation increased by 6% over the last year, with the Labor Department noting that this was the lowest 12-month increase since September 2021.
The news of rising inflation had a mixed impact on conventional markets, with volatility being reported. However, the cryptocurrency markets reacted positively, with Bitcoin and Ether experiencing surges in price, according to data from CoinMarketCap.
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