Bitcoin (BTC) and the crypto markets are on the rise after the latest consumer price index (CPI) shows cooling inflation.
New data from the US Bureau of Labor Statistics, the CPI – which measures changes in the prices of goods and services – shows inflation fell to 4.9% in April, down from 5% in March.
The news of cooling inflation has so far greened crypto and sent Bitcoin a sharp 3% gain from its 24-hour low of $27,434 to $28,251 after days of continuous downward action.
The inflation data comes as a US debt burden looms and lawmakers scramble to meet the June 1 deadline.
Currently, President Biden and Speaker of the House of Representatives Kevin McCarthy are deadlocked over raising the US debt ceiling, which stands at $31.4 trillion, according to a new report from Reuters.
Both parties are in talks to prevent non-payment. However, McCarthy says he “didn’t see any new movement,” while Biden said there should be some political stance on the issue for a while.
Earlier, US Treasury Secretary Janet Yellen strongly urged Congress to increase the debt limit, saying that failing to do so would send the country into a period of “economic disaster”.
“And whether it be defaulting on interest payments due on the debt or payments due to Social Security recipients or Medicare providers — we simply wouldn’t have enough money to meet all of our obligations. . And there is general agreement that financial and economic chaos would ensue.”
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