Bitcoin is up more than 4% over a 24-hour period, driving strength in the broader crypto space and crypto-related stocks.
The pop in crypto prices came immediately after the consumer price index (CPI) came in at 3.3% in May, below economist projections for 3.4%. On a month-over-month basis, CPI stayed flat, which was below expectations for a 0.1% increase.
Crypto stocks climbed in Wednesday trading. CleanSpark rose 9%; Bitfarms rose 8%; Riot Platforms rose 8%; MicroStrategy rose 7%; Coinbase rose 6%; Marathon Digital rose 3%.
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