Bitcoin
Bitcoin Jumps Near $66,000 After CPI Report
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Cryptocurrency News: Bitcoin jumped close to $66,000 on Wednesday, lifting cryptocurrency prices after the April CPI Report showed that core inflation moderated last month, while retail sales cooled more than expected.
Elsewhere, Vanguard on Tuesday named former BlackRock executive Salim Ramji to serve 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 at the company. Ramji begins his role as CEO and board member from July 8th.
Bitcoin activated April 19 completed its fourth halving event, which reduced the rewards distributed to miners. The price of Bitcoin has historically increased in the months following previous halvings, but analysts are divided about the impact this year’s event will have.
In another place, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the collapse of cryptocurrency exchange FTX in 2022.
The strength of the new highs is rooted in the industry’s historic advance on January 11. This was the first day of trading after the SEC approved 11 bitcoin ETF applicationswhich included issuers ARK Invest (ARKK), Black stone (BLACK), Grayscale, VanEck and more. Coinbase serves as the custodian for most new ETF issuers. How do crypto custodians keep digital assets safe?
The Best Bitcoin and Cryptocurrency ETFs to Watch and Buy
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Cryptocurrency Price Action
Bitcoin traded around $65,800 on Wednesday afternoon, marking a gain of nearly 7% in the last 24 hours. Bitcoin on Wednesday jumped to $66,450 before falling. On March 14, Bitcoin reached a new all-time high of $73,798. The cryptocurrency is off its previous peak of $68,990 set in November 2021.
Bitcoin reached $49,000 on January 11, the day of the ETF’s launch, but then fell to its early December 2023 level, before the SEC announcement. The world’s largest cryptocurrency has recovered about 157% in 2023. Bitcoin is now up about 57% this year, with most of the gains compounded in February and March.
Ethereum hovered above $3,000 on Wednesday night, easing from its intraday high of $3,030. Ethereum is now a good distance away from its March 12 52-week high of $4,092. The No. 2 crypto, well below its November 2021 peak above $4,800.
Ethereum on March 8 surpassed its $4,000 level for the first time in 26 months. Still, ETH jumped 32% in 2024.
Cryptocurrency price heat map:
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Investments in digital assets are extremely volatile. Although cryptocurrency fundamentals and technical indicators may differ, investors should focus on the same main objectives. First, stay protected by learning when the time comes to sell, cut losses or capture profits. Second, get ready to profit if the cryptocurrency starts to recover.
Despite their original promise, cryptocurrencies have not worked as a hedge against inflation. Instead, they followed trends with broader indices. To read The big picture and pulse of the market to follow daily market trends.
See the DII Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help navigate the world of digital asset investing.
Want a deeper dive into crypto? Check out the What is cryptocurrency? explanatory page.
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