Markets
Bitcoin Jumps Nearly $66,000 After CPI Report
X
Cryptocurrency news: Bitcoin surged nearly $66,000 on Wednesday to drive cryptocurrency prices higher after the April CPI report showed that core inflation moderated last month, while retail sales slowed more than expected.
Separately, Vanguard on Tuesday evening named former BlackRock executive Salim Ramji as CEO, the Wall Street Journal reported. Ramji previously led BlackRock’s exchange-traded fund business, including the expansion of the iShares ETF business, which launched the iShares Bitcoin Trust (I BITE) in January. He left BlackRock in January after about a decade with the company. Ramji takes over as CEO and board member from July 8.
Bitcoin activated April 19 completed its fourth halving event, which reduced rewards paid to miners. The price of Bitcoin has historically increased in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Somewhere else, Sam Bankman-Fried was sentenced on March 28 to 25 years in prison in prison for his role in the 2022 collapse of crypto exchange FTX.
The strength of the new highs has its origins in the sector’s historic step forward on January 11. This was the first trading day after SEC Approved 11 Bitcoin ETF Applicationswhich included transmitters ARK Invest (ARKK), black rock (BLACK), Grayscale, VanEck and more. Coinbase serves as the custodian for the majority of new ETF issuers. How Do Cryptocurrency Custodians Keep Digital Assets Safe?
The Best Bitcoin and Cryptocurrency ETFs to Watch and Buy
Click here to read more about today’s news Cryptocurrency news.
Cryptocurrency Price Action
Bitcoin was trading around $65,800 on Wednesday afternoon, a gain of almost 7% over the past 24 hours. On Wednesday, Bitcoin surged as high as $66,450 before slowing down. On March 14, bitcoin reached a new all-time high of $73,798. The cryptocurrency is below its previous high of $68,990 set in November 2021.
Bitcoin had climbed to $49,000 on January 11 on the day the ETF launched, but then fell back to its early December 2023 level before the SEC’s announcement. The world’s largest cryptocurrency has rebounded about 157% in 2023. Bitcoin is now up about 57% year to date, with most of the gains compounded in February and March.
Ethereum hovered above $3,000 on Wednesday evening, moving away from its intraday high of $3,030. Ethereum is now well away from its March 12 52-week high of $4,092. The #2 crypto well below its November 2021 high above $4,800.
Ethereum crossed the $4,000 level on March 8 for the first time in 26 months. Yet, ETH jumped 32% in 2024.
Cryptocurrency Price Heatmap:
Scroll down for more cryptocurrency news and price updates.
Investments in digital assets are extremely volatile. Although the fundamentals and technical indicators of cryptocurrencies may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, reduce losses Or capture the profits. Second, get ready to enjoy if the cryptocurrency starts to rebound.
Despite their initial promise, cryptocurrencies have not served as a hedge against inflation. Instead, they trended with the broader indexes. Read Overview and market pulse to follow daily market trends.
See ITNs Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help you navigate the world of digital asset investing.
Do you want to deepen your knowledge about cryptography? Check What is cryptocurrency? explanatory page.
Read more cryptocurrency news
Learn more
More crypto news from the Dow Jones
How the next Bitcoin halving differs from previous crypto cycles
European Central Bank reinforces criticism of Bitcoin
Are you saying Bitcoin is digital gold? Maybe they’re digital pearls
Want market news sent straight to your inbox? Sign up for IBD’s new daily newsletter by clicking on the image below.
YOU MAY ALSO LIKE:
Get Stock Lists, Stock Ratings and More with IBD Digital
Find Stocks to Buy and Watch with IBD Rankings
Identify the basics and buy points with MarketSmith pattern recognition
Use Swing Trading Strategies to Find Opportunities and Manage Risk