Greed

Reserve

Bitcoin

April

Bitcoin (BTC), the original crypto, saw a major uptick on Thursday morning as its price rose more than 7%. Data suggests that this surge is BTC’s best performance recorded since March 25. However, it is trading above its 50-day moving average for the first time since April 13. However, the <a href="https://news.todayq.com/cpi-data-sparks-confidence-in-crypto-market-btc-regain-64k/" rel="noopener noreferrer nofollow">April Consumer Price Index</a> (CPI) report which indicated an easing in inflation is the major source of this jump. Bitcoin prints green all around 
The recent Bitcoin price surge has helped it to erase its past declines and printed green indexes all around. BTC price is now marginal up over the last 60 days. On the other hand, Ethereum (ETH) price has dropped by more than 15% in the same time period.&nbsp;
Bitcoin price is up by 55% on the year to date basis (YTD). It is up by over 6% in the last 24 hours. BTC went on to hit the $66,200 price level which was last seen around March 25. It is trading at an average price of $65,848, at the press time. However, it is still down by 10.7% from its all time high (ATH) of $73,750 recorded on March 14, 2024.
According to experts, the slightly lighter than expected CPI number had increased the chance of a rate cut. This has turned out to be a strong influencer on Bitcoin price. It is important to note that after the ETFs and halving, the next major catalyst is expected to be the Federal Reserve rate cut.&nbsp; Wassup with CPI? 
According to the Labor Department’s Bureau of Labor Statistics, the CPI rose 0.3% from March which came slightly below the Dow Jones estimate of 0.4%, However, consumer prices are still up 3.4% from a year ago.
Experts suggest that the rate cuts are still uncertain and recovery might be slow. It is being highlighted that higher interest rates make risk on assets like tech stocks and Bitcoin less appealing, as investors can secure substantial yields from safer options such as US Treasurys.
Bitcoin holds a unique position as both a risk-on and a risk-off asset. Many investors maintain a long-term view of the cryptocurrency, seeing it as resilient against short-term Federal Reserve policies that might induce volatility. Experts note that these policies do not fundamentally alter Bitcoin’s long-term trajectory.
The global crypto market is up by 5% over the last day. The cumulative market cap is stood at $2.38 trillion.

Greed returns to market as Bitcoin skyrockets 7% on CPI data

Todayq News

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