HomeCryptoBitcoin (BTC) Surges to $66K Following Mild Inflation Data; Solana (SOL), NEAR...

Bitcoin (BTC) Surges to $66K Following Mild Inflation Data; Solana (SOL), NEAR Take Lead in Crypto Rally

-


Crypto Markets Rally on Softer U.S. Inflation Data: Bitcoin Surges Past $66,000

Crypto markets saw a significant rally on Wednesday as softer-than-expected U.S. inflation data sparked a surge in digital assets. Bitcoin (BTC) broke past $66,000 for the first time since April 24, with a more than 7% increase over the past 24 hours. Ether (ETH) also saw gains, trading near $3,000 with a 4% advance.

Leading the charge among major cryptocurrencies were Solana (SOL) and Near (NEAR), with 8% and 12% jumps, respectively. The CoinDesk 20 Index (CD20) also saw a 6% increase, reflecting the overall positive sentiment in the market.

The rally was fueled by April’s Consumer Price Index (CPI) figures, which showed a slight decrease from March, along with a slower retail sales report. Investors welcomed the news as a sign that the Federal Reserve may not need to consider interest rate hikes in response to rising inflation and a strong economy.

Analysts at Bitfinex described the data as a “bullish regime shift,” highlighting the potential for risk assets to benefit from the Fed’s dovish stance and balance sheet run-off plans. Traditional markets also saw gains, with the S&P 500 index reaching a new all-time high, indicating a return of risk appetite.

Swissblock analysts noted that Bitcoin’s breakout from a recent downtrend was a significant development, with the potential for prices to rally towards $69,000 and even reach new all-time highs at $84,000. The firm also predicted a strong performance for altcoins in the coming days as Bitcoin leads the way in the market.

LATEST POSTS

Meme Coins Surpass Bitcoin in 2024 First Half’s $600 Billion Crypto Rally

The Rise of Meme Coins and Lesser-Known Cryptocurrencies in 2024 In the fast-paced world of digital assets, the first half of 2024 has been dominated...

SEC Responds to Ripple’s Binance Case Argument, Rejects in Final Filing

Latest Developments in the Ripple vs. SEC Case: SEC Responds to Ripple's Latest Filing The Ripple vs. SEC case continues to heat up as the...

Michael Saylor Releases Statement on Bitcoin in Response to Crypto Market Downturn, According to U.Today

Michael Saylor's "Just Bitcoin" Tweet Amid Crypto Market Sell-Off The cryptocurrency market is currently experiencing a significant sell-off, with Bitcoin's price taking a hit. In...

Ethereum and Bitcoin Declines Lead to Over $200 Million in Crypto Liquidations

Crypto Market Liquidations Spike as Bitcoin Price Falls Below $60,000 Crypto market liquidations surged to their highest level in a week on Wednesday as Bitcoin's...

Most Popular