Bitcoin Rises 8% to Surpass $66,000 After Moderate Inflation Data Triggers Crypto Rally – TradingView News

Key points:

• Bitcoin surpasses 8%.
• Crypto stages major rally.
• Inflation drops to 3.4%.

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It was a wonderful day to be a risk asset.

• Bitcoin Prices BitcoinUSD jumped more than 8% on Wednesday after crypto traders scooped up tokens left and right following new inflation data. The OG token soared from $61,300 to a session high of $66,300 per coin, reaching a two-week high in the process and crossing the 50-day moving average, indicating a potential extension of the upward movement in the near term.
• Consumer pricesa key economic indicator and gauge of inflation, marked a slight decline to 3.4% in April, falling for the first time this year, after the Price growth of 3.5% for March. In other words, the print counteracted the upward swing in inflation during the year. And everyone liked it, especially crypto circles and risk lovers. It was a wonderful day to be a risk asset.
• Other important currencies also enjoyed a high buying impulse. Ethereum, the second-largest token, gained 5%, trading around the $3,000 milestone last seen just two days ago. Overall, crypto markets rise 5% to reach $2.4 trillion in valuation. Of this gigantic amount, Bitcoin holds around 55%, or just under US$1.3 trillion. Ethereum has a market value of US$360 billion.

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