The recent US Consumer Price Index (CPI) report came in higher than expected, with a 3.1% increase instead of the anticipated 2.9%.
This unexpected inflation figure triggered a market sell-off, causing both crypto and equities to bleed. Bitcoin, which had breached the $50K mark, fell back below $49K in response to the disappointing CPI report.
However, Bitcoin quickly rebounded today, crossing back above $50K and even reaching a new high at $51,667. This swift recovery follows the panic-induced drop triggered by yesterday’s CPI announcement.
Despite the market turbulence, traders who strategically position their portfolios with a mix of altcoins are still finding opportunities for profit.
Altcoins like $VET (+9%), $TAO (+8%), and $STX (+7%) have emerged as notable leaders over the past 24 hours, reflecting a degree of decoupling among different projects in the crypto space.
Investors can track social volume on various platforms to gauge which projects are garnering the most attention from the crowd.
Moreover, the total crypto market cap has surged past the $2 trillion mark, underscoring the resilience and growing significance of the digital asset market.
In other developments, recent data reveals that 8 exchange-traded funds (ETFs) collectively added 12,073 $BTC ($590M) to their portfolios, while Grayscale saw a decrease of 1,147 $BTC ($56M).
Notably, iShares (Blackrock) added 7,497 $BTC ($366.5M), and Fidelity added 3,039 $BTC ($148.5M) to their holdings.
These updates indicate a continued interest and investment in Bitcoin and other cryptocurrencies by institutional players, further solidifying the asset class’s mainstream acceptance and long-term potential.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: designer491//123RF // Image Effects by Colorcinch
As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…
While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…
This blazing crypto bull run has investors looking for the next top altcoins set to…
The Dogecoin price is back in the limelight, captivating the crypto world with its recent…
Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…
Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…