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<p>The crypto market is witnessing some upswing today, with <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> up 5%. <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> and <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> are also experiencing gains of 3% and 6%, respectively. The rise in these major cryptocurrencies is also affecting many other crypto tokens, with AI-focused cryptocurrencies being among the most notable ones to witness substantial rises today.</p>
<p>One of the key factors driving this positive momentum is the net inflow of $101M into Bitcoin Exchange-Traded Funds (ETFs) on May 14, 2024, according to <a href="https://twitter.com/spotonchain/status/1790594563662664066" target="_blank" rel="noopener noreferrer nofollow">data from Spot On Chain</a>. This positive inflow has been observed for two consecutive trading days. While the Grayscale ETF (GBTC) experienced a single-day outflow of $50.9M, six out of eight other US Bitcoin ETFs witnessed inflows, with the ARK Invest ETF (ARKB) leading the pack with a $133M inflow.</p>
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<p>The crypto market often takes cues from<a href="https://captainaltcoin.com/crypto-analyst-shares-most-expected-scenario-for-bitcoin-price-as-btc-goes-through-danger-zone/" target="_blank" rel="noopener noreferrer nofollow"> Bitcoin’s performance</a>, and the current 5% surge in the world’s largest cryptocurrency has undoubtedly contributed to the overall bullish sentiment. When Bitcoin exhibits positive momentum, it tends to have a ripple effect across the broader crypto market.</p>
<h2 class="wp-block-heading" id="drop-in-inflation-raises-price">Drop in Inflation Raises Price</h2>
<p>Another significant development fueling the crypto market’s rally is the recent drop in US inflation to 3.4%. <a href="https://twitter.com/fetykorichard/status/1790730327519900139?s=46" target="_blank" rel="noopener noreferrer nofollow">Richard Fetyko, CEO of altFINS</a>, reported that the US Consumer Price Index (CPI) fell to 3.4% in April, in line with economists’ expectations. This is a notable improvement from the 3.5% annual rise in CPI recorded in March 2024.</p>
<p>The declining inflation trend is considered good news for risk-on assets like equities and cryptocurrencies. It raises expectations that the Federal Reserve may reassess its interest rate hike trajectory, potentially paving the way for rate cuts later this year. The Cleveland Fed’s inflation nowcasting model had forecasted a 3.5% CPI for April, making the actual figure of 3.4% a positive surprise.</p>
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<p><strong><em>Read Also: <a href="https://captainaltcoin.com/heres-why-floki-inu-floki-meme-coin-price-is-pumping/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why Floki Inu (FLOKI) Meme Coin Price Is Pumping</a></em></strong></p>
<p>Lower inflation and the possibility of future interest rate cuts can positively impact crypto prices. As the cost of borrowing decreases, investors may allocate more funds to riskier assets like cryptocurrencies in search of higher returns. Additionally, a more accommodative monetary policy could stimulate economic growth, which could indirectly benefit the crypto market.</p>
<p>While the crypto market is known for its volatility, the combination of institutional inflows into Bitcoin ETFs and easing inflationary pressures appears to be contributing to the current bullish momentum. However, investors should remain cautious and monitor market developments closely, as the crypto landscape is known for its inherent unpredictability.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-up-today-11/" rel="noopener noreferrer nofollow">Why Is the Crypto Market Up Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is the Crypto Market Up Today?

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