Bitcoin Rises As CPI Inflation Falls to 4.9% In April – May 10

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,210

Bitcoin price saw a brief spike upward into the $28,000s as US inflation data was released, however has turned around to the $27,000 mark since.

Top-20 altcoins are also mostly down over the last 24 hours, as Ether drops 3%, BNB falls 1% and XRP drops 1%.

Top Stories for May 10, 2022 🔥

👉 Bitcoin Spikes As CPI Inflation Falls to 4.9% In April

The US annualized inflation rate slowed to 4.9% in April, compared to 5.0% in March, according to the Bureau of Labor Statistics’ Consumer Price Index report.

The core CPI, which excludes food and energy costs, rose 0.4% in April, the same rate as March, and was 5.5% on an annual basis. The Federal Reserve has suggested it may pause its rate hikes despite inflation remaining above its 2% target.

Following the news of the slight moderation in inflation, the price of Bitcoin rose more than 1% to just above $28,000.

👉 Grayscale Files With SEC For 3 New Crypto ETFs

Grayscale Investments, the cryptocurrency asset manager, has announced the launch of a new entity, the Grayscale Funds Trust, which will allow it to manage many of its publicly traded financial products in-house.

It also revealed that it had filed with the US Securities and Exchange Commission for three new crypto-focused ETFs: a Global Bitcoin Composite ETF; an Ethereum Futures ETF; and a Privacy ETF, which will invest in blockchain-based privacy tech firms.

Grayscale is currently involved in a legal case with the SEC over converting its $17bn Grayscale Bitcoin Trust into a spot Bitcoin ETF product.

👉 Elon Musk Tweets Meme, Sends Milday NFT Sales Soaring

Elon Musk’s tweet featuring a Milady meme caused a surge in sales for Milady NFTs, with sales increasing by 500% and the floor price of the project rising by nearly 50% in the last 24 hours, according to NFT Price Floor.

This is not the first time that Musk’s Tweets have influenced the price of cryptocurrencies, as the price of Dogecoin also surged after he changed the platform’s logo to a Shiba Inu dog meme.

Other projects from Remilia Creative, the artists behind Milady NFT, also saw a rise in sales, with Redacted Remilio Babies NFT sales increasing by 660% over the last 24 hours.