Bitcoin’s value has skyrocketed, breaking through the $66,000 threshold and causing a surge of short liquidations worth a staggering $48 million within just 24 hours. This sudden surge was triggered by the release of promising U.S. inflation data, hinting at a possible decrease in inflationary tensions.
The Impact of Inflation Data on Bitcoin
Inflation Takes a Dip, Sending Bitcoin Bulls into a Frenzy! Wednesday’s release of U.S. inflation data revealed a surprising drop in the monthly core CPI rate, with a mere 0.3% increase.
The year-on-year rate also showed a decrease, marking the lowest 12-month core inflation since April 2021. This welcomed news sparked a surge of excitement among Bitcoin enthusiasts, as the market saw a whopping $58 million in liquidated Bitcoin positions.
Notable ETF Inflows and Market Dynamics
On Wednesday, the world of cryptocurrency was buzzing with excitement as a whopping $302 million flooded into Bitcoin spot ETFs. This marked the largest daily influx since the beginning of May, and it was a sight to behold.
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The top players in the game were Fidelity’s FBTC, leading the pack with a staggering $131 million pouring in. Not far behind was Bitwise Bitcoin ETF (BITB) with a hefty $86 million, followed by Ark Invest and 21Shares’ ARKB, raking in a cool $39 million.
The battle for cryptocurrency supremacy rages on as Bitcoin’s dominance reaches a staggering 51.9%, while Ether’s grip on the market weakens to 14.4%. In a thrilling turn of events, the global crypto market cap skyrockets by 5.5% to a whopping $2.51 trillion. And it’s not just Bitcoin and Ether stealing the show, the GM 30 Index, featuring the top 30 cryptocurrencies, soars by 5.45% to a remarkable 133.49.
Revolutionary inflation numbers have sparked a major shift in the world of cryptocurrency trading, all thanks to a jaw-dropping surge in the value of Bitcoin. And while this may seem like old news, the recent influx of institutional interest has turned Bitcoin’s triumph into a hot topic among investors eager to dive into the world of digital assets.