Bitcoin Hits $66K As Soft Inflation Data Sparks Crypto Rally
By Kapil Rajyaguru
Crypto markets rallied on Thursday as softer-than-expected U.S. inflation data jolted digital assets from their stupor.
Bitcoin (BTC) surged past $66,000 for the first time since April 24, and was recently up more than 7% over the past 24 hours. Ether (ETH) changed hands near $3,000 but underperformed with a 4% advance during the same period.
Solana (SOL) and near (NEAR) led gains among crypto majors with 8% and 12% jumps, respectively.
The rally occurred as April U.S. Consumer Price Index (CPI) figures edged lower from March, coupled with a slightly sluggish retail sales report. The data came as a relief for investors fearing that reaccelerating inflation and a red-hot economy might force the Federal Reserve to walk back its dovish pivot and even consider interest rate hikes.
Looking at traditional markets, U.S. equities also climbed during the day, with the S&P 500 index gaining more than 1% and hitting a fresh all-time high, underscoring the return of risk appetite.
The global crypto market cap is $2.39T, a 6.14% increase over the last day. The total crypto market volume over the last 24 hours is $96.04B, which makes a 27.70% increase. The total volume in DeFi is currently $7.13B, 7.43% of the total crypto market 24-hour volume.
The volume of all stable coins is now $90.15B, which is 93.86% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 54.50%, an increase of 0.47% over the day.
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