Why is the crypto market up today? Weak CPI boosts market confidence

From fxstreet.com

Bitcoin (BTC) saw a 1.4% uptick on Tuesday — reclaiming $104,000 — and Ethereum (ETH) gained 9% after the US Consumer Price Index (CPI) for April came in at 2.3%, below market expectations of 2.4%. The move was supported by a surge in Bitcoin's spot Taker Buy/Sell Ratio and its ongoing correlation with the Global M2 money supply, indicating strong upward momentum. The total crypto market capitalization hit $3.5 trillion for the first time since February 2, following a lower-than-expected CPI report for April. The headline CPI came in at 2.3% annually, underperforming market forecasts of 2.4% — its lowest level ... (full story)