Bitcoin set for weekly gain as cooler-than-expected CPI data offer brief boost

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Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) extended its recent rally on Friday, putting the cryptocurrency on track for a weekly advance, and helping it claw back some of it's M/M decline. Softer-than-expected consumer inflation data offered a brief intraday boost

The price of bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) rose to as high as $111.8K less than a minute after the release of the delayed CPI report, before paring that increase to $111.3K, which was still up 1.2% in the last 24 hours.

In the past five trading sessions, the token advanced 4% at press time, narrowing its M/M loss to less than 1%. Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) started the week [https://seekingalpha.com/news/4505583-bitcoin-starts-week-above-110k-as-risk-sentiment-improves] ending Oct. 24 strong, as the risk-on mood improved across global equity markets. It dropped to as low as ~$104K last week, when financial markets broadly sold off amid trade tensions between the U.S. and China and concerns about the health of U.S. regional banks.

Earlier on Friday, the Bureau of Labor Statistics' Consumer Price Index [https://seekingalpha.com/news/4508175-consumer-price-index-shows-slightly-cooler-than-expected-inflation-in-september] -- which was delayed due to the ongoing government shutdown -- rose less than expected in September, at 0.3% M/M and 3.0% Y/Y. That's welcoming news for the Federal Reserve, as it's expected to cut interest rates again at its meeting next week.

U.S. stock index futures also rallied [https://seekingalpha.com/news/4508077-sp500-nasdaq-dow-jones-outlook-stock-market-cpi] after the CPI data.

Other cryptos on the move include: Ether (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) +3%, ZCash (ZEC-USD [https://seekingalpha.com/symbol/ZEC-USD]) +10%, Story (IP-USD [https://seekingalpha.com/symbol/IP-USD]) +6.6%, Ethena (ENA-USD [https://seekingalpha.com/symbol/ENA-USD]) +5.4%, Cronos (CRO-USD [https://seekingalpha.com/symbol/CRO-USD]) +4.1%, XRP (XRP-USD [https://seekingalpha.com/symbol/XRP-USD]) +3.9% and Stellar (XLM-USD [https://seekingalpha.com/symbol/XLM-USD]) +3.2%.

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