Bitcoin saw a rise of over 1.5% within the first 35 minutes after the U.S. Bureau of Labor Statistics announced that the annual inflation rate in the U.S. had increased by 4.9% in the 12 months ending in April, surpassing market expectations and marking the lowest inflation growth in two years. Bitcoin's price peaked at US$28,292 shortly after the Consumer Price Index (CPI) report was released, with Ethereum also rising to US$1,885. The U.S. Federal Reserve is scheduled to meet on June 14 to discuss interest rates, with CPI being a crucial indicator that investors look at to gauge inflationary pressures. Depending on the CPI readings, the Fed may adjust the interest rates to control inflation.
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