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Bitcoin Rebounds Above $50K After CPI Report Disappointment

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 React Following Bitcoin Bullish Movements

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.

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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

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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