Bitcoin rose 6% to $65,000, while Ether and Solana rose 3% and 7%, respectively.
Cryptocurrency markets rallied on Wednesday morning after the latest US inflation numbers were lower than economists expected.
According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 0.3% in April, lower than the Dow Jones Industrial Average's forecast of 0.4%. On an annualized basis, the CPI rose 3.4%, in line with expectations, but down from 3.7% in March.
CPI measures the average change over time in the prices consumers pay for a basket of goods and services. It affects investor sentiment and economic forecasts, which in turn affects the cryptocurrency market. A weaker-than-expected CPI could boost confidence in risk assets such as cryptocurrencies, while a rising CPI could raise concerns about inflation and the possibility of more restrictive policy action by the Federal Reserve. may be caused.
Bitcoin (BTC) is trading at $65,000, up 6% in the past 24 hours. Ether (ETH) rose more than 3%, while Solana (SOL) soared nearly 8%, according to CoinGecko data.
Among meme coins, FLOKI (FLOKI) tops the chart with a 13% rise. Dogecoin (DOGE) and Shiba Inu (SHIB) also recorded gains of 2% to 4%.
Crypto analyst Justin Bennett Said“BTC is hanging on a thread. The $61,000 support area holds, but the situation gets worse the longer Bitcoin trades below $65,000 on weekly and monthly time frames. It looks like it does.”
Michael Van de Poppe, CEO of MN Trading, told Defiant that Ethereum is in the final stages of a correction. “It still needs to fall by about 10% before reaching the support level of the higher timeframe. The good times are over in a few more weeks,” he said.
Meanwhile, the Wisconsin Investment Commission announced in a May 14 filing with the U.S. Securities and Exchange Commission (SEC) that the BlackRock iShares Bitcoin Trust (IBIT) and Grayscale He announced that he had purchased Bitcoin Trust worth $64 million. (GBTC).
AMC and GameStop Tank
Shares of AMC Entertainment and GameStop fell in early morning trading as the meme stock boom, reignited by the resurgence of “Rolling Kitty” on social media on Monday, began to wane. AMC fell 30% on Wednesday morning, and GameStop shares plummeted 35%.
However, the broader U.S. stock market rose on the inflation report. On Wednesday, the S&P 500 and Nasdaq Composite both hit record highs.
The S&P 500 rose 1%, and the tech-heavy Nasdaq rose 1.2%. The Dow Jones Industrial Average rose 0.8%.
