U.S. Core CPI Exceeds Expectations, Bitcoin Trades Near $80,500

U.S. core Consumer Price Index (CPI) increased by 0.4% in April, surpassing the anticipated 0.3% rise. According to NS3.AI, the core CPI climbed 2.8% compared to the previous year, exceeding the expected 2.7%. The headline CPI rose by 3.8%, outpacing the forecast of 3.7% and marking the fastest increase since May 2023. Meanwhile, Bitcoin was trading close to $80,500. The CME FedWatch tool indicated that markets are pricing in more than a 35% probability of one or more Federal Reserve interest rate hikes this year, as the Nasdaq experienced a 1.3% decline.