Wednesday

Bitcoin

April

Gains

Bitcoin surged above the $66,000 level on Wednesday for the first time since April 24, recording a massive 7% gain in the last 24 hours. At the time of writing, The price of Bitcoin was still high by 6.2%, reaching a high of&nbsp; $65,800. <img decoding="async" width="602" height="251" src="https://lh7-us.googleusercontent.com/qGECCXyaREiCDQZl-iQ7_kr5V2NZX9QLzFmUDNvlCqiyty-5P240qnZQ42DSOzpf3t0SKbxYGMuKITsKDDKEGxyu0YBR8VUVh4uG4dxpXPCAs0DJNshkl9oDfK1P5mNG5b8UmpJudAOG7IOIUS2iDoE" alt="qGECCXyaREiCDQZl iQ7 kr5V2NZX9QLzFmUDNvlCqiyty"> Bitcoin (BTC)&nbsp; 24hrs Price Chart, Source: CoinMarketCap 
Analysts at Swissblock have attributed the boom to bullish economic data and a general rally in the crypto market. The firm pointed out that recent US economic data, led by the Consumer Price Index and retail sales, predict Bitcoin could rise to $69,000 and potentially reach a new high of $84,000. 
Swissblock’s latest market update also noted that such a breakout could lead to strong performances in altcoins. 
Meanwhile, Ether (<a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener">ETH</a>) experienced a modest rise, trading near $3,000 with a 4% gain, while Solana (<a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener">SOL</a>) and Near (<a href="https://coinmarketcap.com/currencies/near-protocol/" target="_blank" rel="noopener">NEAR</a>) led major crypto gains with increases of 8% and 11%, respectively. 
The crypto rally was also consistent with firm gains for U.S. equities. The S&amp;P 500 gained above 1%, hitting a fresh all-time peak, which is a clear indication that investors are again more willing to take risks following softness in the April CPI reading. That implied a modest backing off of inflation pressures, in turn raising hopes that Fed rate hikes would be slow and measured.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read:<a href="https://www.cryptotimes.io/2024/05/15/bitcoin-etf-gains-institutional-interest-amid-market-recovery/">Bitcoin ETF Gains Institutional&nbsp; Interest Amid Market Recovery</a>. 
</blockquote>

Bitcoin Hits $66K as Crypto Markets Rally

The Crypto Times

Other articles published on May 16, 2024

Millennium Management Reveals Nearly $2B in Bitcoin ETFs

India’s SEBI Proposes Multi-Regulator Approach for Cryptocurrency Oversight

Bitcoin ETF a Big No-No for Vanguard, Says New CEO Salim Ramji

Whale Offloads Its Holding In DOGE: Could It Affect The Breakout?

Whales Accumulate Pepe Coin for Over a Month

CME Group Prepares to Launch Spot Bitcoin Trading

Join our free newsletter for daily crypto updates!