BlockBeats News, May 12th, the US April CPI data hit a three-year high, sparking concerns about the Fed's possible interest rate hike. Both the stock market and the bond market came under pressure, but Bitcoin showed relative resilience. The data shows that the US April core CPI rose by 0.4% month-over-month, higher than the market's expected 0.3%, and rose to 2.8% year-over-year; the overall CPI, including energy prices, rose by 3.8% year-over-year, higher than the previous 3.3%, reaching the highest inflation level since May 2023.

Impacted by the data, the market quickly adjusted its expectations for the Fed's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one rate hike by 2026, while just a few weeks ago the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping by over 1.3% and US bond yields rising. However, the crypto market showed some resilience.

After the data was released, Bitcoin held above $80,000, trading around $80,500, showing little change in the past 24 hours; Ethereum and XRP retreated by about 2.5%.