Bitcoin rallied on Wednesday, along with major equities, after cooler U.S. Consumer Price Index (CPI) data for April.

The April CPI, which was released Wednesday morning by the U.S. Bureau of Labor Statistics, indicated a year-over-year gain of 3.4%, slightly lower than March's 3.5% increase.

The bitcoin price increased 3% in the past 24 hours and was changing hands for $63,751 at 9:20 a.m. ET, according to The Block's Price Page.

Stock futures climbed after the latest CPI report indicated an easing of inflation that was in line with economists' expectations. The Nasdaq Composite rose by 0.81%, while the NYSE Composite increased by 0.48% in pre-market trading.

U.S. CPI release

Broader markets are processing the latest U.S. CPI report, which suggests inflation eased in April. This …