The U.S. Bureau of Labor Statistics releases inflation figures for March. The crypto market reacts.
Today, April 10, the U.S. Bureau of Labor Statistics released the eagerly awaited inflation figures for the past month.
The year-on-year inflation rate in the United States for March was 2.4 percent. Experts had previously predicted lower inflation (2.5 percent) compared to the previous month, so the actual figures are below experts’ expectations.
In February, the inflation rate was still 2.8 percent.
The lower inflation rate gives the “US Federal Reserve some leeway for timely interest rate adjustments,” it continues. On May 6 and 7, the US Federal Reserve, under Jerome Powell, will hold its next meeting on interest rate policy—and a possible cut.
In an initial reaction, the Bitcoin price rose to $81,700, a price gain of seven percent compared to the previous day. ETH, XRP, and others also recorded slight gains.
The price increase is primarily due to US President Donald Trump‘s 90-day suspension of tariffs.
Read here what the future holds for the BTC price: Can the price withstand the chaos on the financial market?
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