Prices Rebound after CPI and Grayscale Files for Three New Investment Funds
May 10, 2023
Crypto prices rebounded today after a cooler-than-expected CPI print of 4.9% (vs. an expected 5.0%). The index for shelter was the largest contributor to the CPI increase, followed by increases in the index for used cars and trucks and the index for gasoline. At the time of writing, BTC is up 2.03%, and ETH is up 1.71%. After declining for the past few weeks and erasing much of their 2023 gains, some altcoins have seen some mean reversion today. ARB 0.06% is up 7.91%, INJ is up 6.14%, and OP 2.48% is up 3.10%. Traditional markets rose after today’s CPI print – SPX is up 0.30%, and NDQ is up 0.93%. The U.S. dollar (DXY) is down 0.14% on the day.