Bitcoin Surges Amid Positive CPI Data and SEC Reassurance

Bitcoin's price surged to a 10-month high as US inflation data exceeded market expectations. The Consumer Price Index (CPI) data for March showed a year-on-year increase of 5%, which was lower than the predicted 5.2%. The news sparked optimism in the crypto market ahead of the Wall Street open, with potential further upside in line with equities to come. However, market participants urged caution as CPI is known to cause "fakeout" price action. Despite the improvement in CPI data, market expectations on rate hikes moved only modestly.