Bitcoin Rises 8% to Above $66,000 as Weak Inflation Data Sparks Crypto Rally — TradingView News

Key points:

• Bitcoin surpasses 8%.
• Cryptocurrencies stage a big rally.
• Inflation drops to 3.4%.

Illustration by TradingView

It was a wonderful day to be a venture asset.

• Bitcoin prices BitcoinUSD jumped more than 8% on Wednesday after cryptocurrency traders scooped up tokens left and right following new inflation data. The OG token rose from $61,300 to a session high of $66,300 per coin, hitting a two-week high and breaking above the 50-day moving average, indicating a potential extension of the near-term upward move.
• Consumer pricesa key economic indicator and a gauge of inflation, fell slightly to 3.4% for April, retreating for the first time this year, following the Price growth of 3.5%. for March. In other words, the press countered the upward swing in inflation for the year. And everyone liked this, especially the crypto circles and risk takers. It was a wonderful day to be a venture asset.
• Other important coins they also enjoyed high buying momentum. Ethereum, the second-largest token, gained 5% to trade right around the $3,000 mark last seen just two days ago. Overall, cryptocurrency markets grow 5% to a valuation of $2.4 trillion. Of this gigantic sum, Bitcoin holds about 55%, or just under $1.3 trillion. Ethereum has a market capitalization of $360 billion.

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