Bitcoin rises slightly after key inflation data comes in better than feared

Cryptocurrency prices got a little push higher Wednesday following the April CPI report.

report showed the inflation rate eased on an annual basis to 4.9% in April, which was slightly less than what economists polled by Dow Jones expected.

"Inflation is coming down, just as the Fed intended, and that's easing fears about the economy's future," she added. "Lower inflation also supports the case for the end of rate hikes, and higher rates are what started the crypto winter over a year ago."

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