Why Did Bitcoin Just Jump 10%? Blockchain Firm Weighs In

The cryptocurrency market has been on a hot streak in the past few days, with several large-cap assets posting significant gains in the past week. Most notably, the Bitcoin price bounced back from around $61,000 to above $67,000 for the first time in nearly a month.

As expected, this latest price movement has sparked a lot of speculation and discussion around the premier cryptocurrency. Popular blockchain analytics firm CryptoQuant has shared on-chain insights into the recent Bitcoin price rally and its future trajectory.

How Did Bitcoin Price Reach $67,000?

In a recent report, CryptoQuant revealed the catalyst and on-chain manifestations behind BTC’s latest rally to above $67,000. According to the analytics firm, the price of Bitcoin rode to its new highs on the back of the news of lower-than-expected inflation in the United States.

The inflation data released on Wednesday, May 15 showed that the Consumer Price Index (CPI) rose by 0.3% in April – lower than the expected 0.4%. This revelation suggested that inflation might be on a downward slope in the US, making risky assets like Bitcoin more attractive.