Bitcoin climbs back above $17,000 as US inflation data is released

Against the publication by the U.S. Bureau of Labor Statistics (BLS) of inflation data, Bitcoin prices rose by 6%, returning to above $17,000. Ethereum price breached the $1,200 level.

At the time of writing, Bitcoin traded near $17,600, and Ether around $1,290.

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According to the BLS, October’s inflation rose by 0.4%. In annual terms the CPI reached 7.7% (8% in September). Core inflation, which excludes food and energy prices, stood at 6.3% (previous reading 6.6%).

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Analysts surveyed by Reuters expected the annual CPI to reach 8%, with the core measure at 6.5%.

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The cryptocurrency market reacted positively to the published BLS data. According to CoinGecko, all top-10 by market capitalization assets were in the green in the last hour.

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Similarly, the US stock market reacted. By the time of writing, the Nasdaq Composite rose by 4.8%, the S&P 500 increased by 3.75%, and the Dow Jones Industrial Average added 2.45%.

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Back in the night of October 10, Bitcoin tested below $16,000, and Ethereum breached the $1,100 level.

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