Investing.com – Bitcoin price rises today to benefit from weaker dollar Consumer inflation data in April was relatively weak. Although the token has been in a relatively quiet trading range, sentiment towards cryptocurrencies remains muted.
Up 6.4% in the past 24 hours to $65,844 as of 01:21 ET (05:21 GMT), the token rose to $66,600 before losing some momentum.
Bitcoin bounces back on weaker dollar after CBI data
Bitcoin bounced back on Wednesday after dropping below $60,000 earlier this week.
The recovery was largely driven by cash. It fell to a 1-month low after reporting a weak consumer price index in April.
The report revealed that the numbers grew more slowly than expected, while falling as expected
The report was accompanied by weaker-than-expected data that fueled hopes that inflation will ease in the coming months. And hope the Federal Reserve starts cutting interest rates.
But inflation remains well above the central bank's annual target of 2%, and several central bank officials have warned in recent weeks that the bank needs more confidence to start cutting rates.
The idea slowed bitcoin's rise, with the token trading between $60,000 and $70,000 over the past two months. Demand for risky assets has increased and this will be reflected on Wall Street but not in the crypto market.
The possibility of regulatory hurdles affecting the crypto market. Recent reports in particular show that the US Securities and Exchange Commission is making moves to prepare for further action with the sector.
Movements in the Bitcoin structure also occur as capital flows and trading activity in exchange-traded funds. This was a major factor in Bitcoin's price rally in March. The past few weeks have been slow.
Today's crypto prices: Altcoins are making a comeback, but still struggling to advance
Altcoins are still up sharply today. This is despite the fact that many tokens are still below the highs reached in March following Bitcoin's rally.
The world's second-largest currency rose 3.6% to 3.4%.
On the other hand, it still stands out. It rose 12.3%, hitting a one-month high. But that's still well below the 2024 peak.
Invest in US stocks like a pro Get access to InvestingPro and get 10% off when you enter coupon code THNEW2024 at checkout. Apply today.
“Avid gamer. Social media geek. Proud troublemaker. Thinker. Travel fan. Problem solver.”