Bitcoin-money-fed-central-bank-gID_7.jpg@png” />
In summary
- Bitcoin surpassed $100,000 after recovering from a drop below $95,000 on Tuesday.
- XRP, Dogecoin and Solana posted strong gains following Bitcoin’s rally.
- Bitcoin ETFs hit record highs with $3.85 billion in inflows during the rally.
Bitcoin hit $100,000 per coin again on Wednesday—taking several major altcoins with it—after data released Wednesday showed inflation in the United States rising at the expected pace.
The largest Cryptocurrency by market capitalization is now trading at $100,500, CoinGecko shows. It is up 5% in the last 24 hours, and almost the same in a seven-day period.
Bitcoin had fallen below $95,000 on Tuesday, triggering a series of liquidations of long and short positions, but has gradually recovered since then. The leading cryptocurrency first reached the $100,000 price milestone last week, reaching a current all-time high of $103,679.
Figures from the Bureau of Labor Statistics on Wednesday showed that the core consumer price index, or CPI—which excludes food and energy prices—increased 0.3% last month, in line with analysts’ expectations. .
Experts now believe the Federal Reserve will cut interest rates again next month as inflation is somewhat under control. U.S. stocks also rose on the news.
Bitcoin and the broader cryptocurrency market have generally fared well when interest rates have been lower, as investors with higher risk appetite are more attracted to the asset.
In the Altcoin market,
This is a reversal from Tuesday, when the coin plummeted below the $2.00 mark after rising as high as $2.82 last week—a seven-year high price for the Ripple-pegged coin. The bounce comes amid Bitcoin’s own rally, but also after Ripple Labs CEO Brad Garlinghouse said on Tuesday that the company’s RLUSD stablecoin will launch soon following New York regulatory approval.
Elsewhere, Dogecoin, the seventh-largest coin by market capitalization and Elon Musk’s favorite digital asset, is up almost 9%, trading at over $0.415. And its copycat rival, Ethereum-based Shiba Inu, has jumped almost 13% over the past day. Its price now stands at almost $0.000029.
Solana is up more than 9% on the day to a current price of $229, while Cardano has jumped 13% to $1.09.
Money has once again flowed into exchange-traded products like new Bitcoin ETFs in the United States, with a record $3.85 billion flowing into vehicles that give traditional investors exposure to the crypto world last week amid Bitcoin’s initial jump above the $100,000 mark.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
