In February 2023, Bitcoin surpasses $26,000 as the U.S. Consumer Price Index rises by 0.4%.

When the latest Consumer Price Index (CPI) data for February 2023 were made public by the US Department of Labor, the price of Bitcoin spiked sharply over $26,000.

The department reported that the seasonally adjusted CPI increased 0.4% last month and that the all-items index, which measures inflation, has increased by 6% in the past year. According to the Labor Department, inflation increased by the least amount over a 12-month period since the period ending in September 2021.

According to CNBC, traditional markets experienced volatility after the release, but cryptocurrency markets showed a favorable response. ETH and Bitcoin both experienced price increases, according to data from CoinMarketCap.

The CPI calculates the average change in consumer prices over time for a selection of goods and services. The Bureau of Labor Statistics calculates it, and it serves as a gauge for inflation.

Consumer spending on things like food, housing, transportation, clothing, health care, and recreation is reflected in the CPI. It’s used to measure economic performance, set monetary policy, and adjust wages, benefits, and social security payments for inflation.

According to a statement from the U.S. Labor Department, the shelter index contributed the most to the monthly increase in all items, making up 70% of the CPI increase in February 2023. Food, recreation, home furnishings, and operational indices all contributed.

Last month, the food index increased by 0.4%, while the food at home index increased by 0.3%. The energy index fell by 0.6% in February, and the indexes for natural gas and fuel oil also fell.

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On March 14, the larger cryptocurrency community provided a range of viewpoints. Morgan Creek Digital co-founder and partner Anthony Pompliano commented on the CPI update via a series of tweets, highlighting Bitcoin’s price increase in response to the most recent inflation figures:

Caitlin Long, founder and CEO of Custodia Bank and a supporter of bitcoin, highlighted BTC’s price development following a turbulent week that saw the closure of institutions like Silicon Valley Bank and Signature Bank by American regulators: