U.S. CPI data: Inflation rate drops to 2.4%, will the bullish momentum of cryptocurrencies continue?

The Consumer Price Index report (CPI) of the United States for March was officially released on Thursday, and the inflation rate has fallen to 2.4% compared to the expected rate of 2.6%. The inflation rate was announced today by the Bureau of Labor Statistics (BLS). While the monthly meeting updates or adjusts the monetary interest rates of the Federal Reserve, these interest rates have an immediate impact on the U.S. market, including the cryptocurrency market. As an immediate impact of the announcement, Bitcoin remains stable with an optimistic sentiment even as market experts predict a rise in altcoins. Fartcoin has seen a price increase of 34.22% in the past 24 hours. The CPI data of the United States plays an important role in driving the economic foundation of the country. Now let’s explore the impact of this month’s CPI data on the U.S. market and cryptocurrency.

The inflation rate has cooled below expectations. According to the latest report from the Bureau of Labor Statistics, inflation in the United States has fallen to 2.4% year-on-year (YoY) in March, down from 2.8% in February. The report indicates that this figure is lower than the market experts’ expectation of 2.5%, suggesting increased volatility in the market. Subsequently, the monthly CPI decreased by 0.4% after recording a decline of 0.2% in February. The reaction of the Bitcoin and Altcoin market! After the CPI data of the United States was released, the cryptocurrency market showed a positive reaction. According to the report, the price of Bitcoin stabilized with a bullish sentiment and is trading back above the $80,000 level. Following in Bitcoin’s footsteps, the altcoin segment has witnessed similar price action by adding a notable value to their respective portfolios. Among those who achieved the highest results are: Fartcoin: up 40.62% in 24 hours and is currently trading at $0.7382. Flare: Up 26.94% in 24 hours and currently listed at $0.01431. Among the other high-growth companies are Bittensor, Sonic, Walrus, and Render. Conclusion If the optimistic sentiment continues, the prices of top cryptocurrencies may regain momentum and potentially test their important resistance levels this week. However, considering other political and economic factors, the market is very volatile at this time. Be sure to do your own research (DYOR) before investing in any digital assets.