Bitcoin Surges 6.6% as Inflation Data Boosts Market*

Bitcoin Surges 6.6% as Inflation Data Boosts Market

Bitcoin has broken through the $66,000 mark for the first time in a month, driven by positive inflation data from the US. The cryptocurrency surged 6.6% in a single day, with its value reaching as high as $66,200.

The price of Bitcoin has been on an upward trend since the US markets opened, with the NYSE opening its doors at 15:30 CET. The strong performance of Bitcoin is correlated with the positive inflation data released in the US.

The annual inflation rate in April fell to 3.4%, a slight decrease from the previous month. This trend of decreasing inflation rates makes a rate cut by the Federal Reserve more likely. Fed Chairman Jerome Powell stated that while the central bank may maintain its restrictive monetary policy, a rate hike is highly unlikely.

Bitcoin is closely correlated with global liquidity, which is sensitive to changes in interest rates, particularly those set by the Federal Reserve. As a result, the cryptocurrency market is reacting positively to signals of monetary policy easing or even a rate cut.

The Nasdaq 100 index, which tracks the performance of technology stocks, also surged 1.5% in response to the positive inflation data. The index has gained 12.4% over the past year.

The appointment of Salim Ramji as CEO of Vanguard, the second-largest asset manager in the world, is also expected to have a positive impact on the cryptocurrency market. Ramji is known for his friendly stance towards cryptocurrencies, which is a departure from his predecessor's views. Vanguard had previously restricted its customers from accessing Bitcoin ETFs, sparking controversy. The cryptocurrency community is now speculating about a potential change in direction for the company.

For more Crypto and Finance content check out our Blog: https://finixyta.com/jasmycoin-jasmy-iot-payment-privacy-crypto-guide/