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U.S. CPI Inflation Rises 0.1% in March, Slower Than Forecasts for 0.2%
The bitcoin price rose nearly 1.5% to $30,430 in the minutes following the better-than-expected news.
Updated May 9, 2023, 4:12 a.m. Published Apr 12, 2023, 12:40 p.m.
The U.S. Consumer Price Index (CPI) rose 0.1% in March, down from 0.4% a month previously, and slower than economist forecasts for 0.2%, according to the Bureau of Labor Statistics (BLS).
On a year-over-year basis, the CPI was higher by 5.0%, down from 6.0% in February and against expectations for 5.2%.
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The core CPI – which strips out often volatile food and energy prices – was up 0.4% in March versus 0.5% in February and in line with forecasts for 0.4%. On a year-over-year basis, core CPI was up 5.6% versus 5.5% in February and in line with forecasts for 5.6%.
The price of bitcoin (BTC) – which earlier this week topped $30,000 for the first time since June 2022 – rose nearly 1.5% to $30,430 in the immediate aftermath of the report.
Bitcoin's gains of late have at least part been influenced by ideas the U.S. Federal Reserve – perhaps as soon as its May 2-3 meeting – was set to end its year-plus string of interest rate hikes. Wednesday's softer-than-forecast inflation figures may give fuel to those dovish hopes.
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Alongside gains for bitcoin, U.S. stock index futures have turned higher following the report, with the Nasdaq ahead 1.1% and S&P 500 up 0.9%. The price of gold is also advancing, up 1.1% to $2,042 per ounce.
Bond yields and the dollar are sliding, with the 10-year U.S. Treasury yield lower by 5 basis points to 3.38% and the U.S. dollar index down 0.6%.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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