Bitcoin recently rose above $66,000 for the first time since April. This recent price rally from the flagship crypto is believed to be due to several factors, including the recently released inflation data. Inflation Data Comes In Lower Than Expectations The Consumer Price Index (CPI) inflation data was announced on May 15 and came in lower than expected. The CPI rose by 0.3% in April, against forecasts of 0.4%. The CPI data was also lower than those recorded in March and February, when inflation rose by 0.4%. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has provided some relief for investors, as the Fed is likely to maintain a dovish stance and consider rate cuts as inflation looks to decline. Lower interest rates mean investors will be more confident investing in risk assets like Bitcoin. Another factor contributing to Bitcoin’s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitcoinist reported that the State of Wisconsin has invested almost $99 million in BlackRock’s Spot Bitcoin ETF. Hedge Fund Millenium Management is also reported to hold $1.94 billion across five different Spot Bitcoin ETF products. This presents a bullish outlook for Bitcoin as it suggests that institutional investors are interested in the crypto token for the long term. Meanwhile, from a technical analysis perspective, Bitcoin also looked primed for this rally, with crypto analyst Rekt Capital revealing that the flagship crypto was out of the post-halving “Danger Zone.” Crypto analyst Mikybull Crypto also noted that Bitcoin was displaying a cup and reversal pattern on the weekly chart and added that the “breakout will be explosive and will send it to a cycle top.” What Next For Bitcoin? In a Telegram update, crypto trading firm QCP Capital stated that they expect this bullish momentum to take Bitcoin’s price to the previous highs of $74,000. They highlighted activity in the derivatives market and growing institutional demand as factors that could contribute to Bitcoin’s rise to this price level. They also raised the possibility of this being the resumption of the bull market, stating that “the stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.” The trading firm added, “If this is indeed the start of the bull trend again, then this move could take us past all-time highs.” Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish Rekt Capital suggested that this might be the beginning of an upward trend for the flagship crypto as he revealed that the daily downtrend for Bitcoin is over. In another X post, the crypto analyst also noted that the Bitcoin bull market is not yet over. Chart from Tradingview.com
read more
BlockDAG, Optimism, Dogecoin: Clash of the Best Crypto Investments for a 30,000x Return
Looking for a crypto investment that could skyrocket? BlockDAG, Optimism, and Dogecoin each bring unique attributes to the table. Optimism thrives on technological prowess, Dogecoin enjoys fervent community backing, and BlockDAG’s new gamified dashboard could make it the investment of the year. With BlockDAG’s presale rocketing to success, promising a potential 30,000x ROI, this comparison The post BlockDAG, Optimism, Dogecoin: Clash of the Best Crypto Investments for a 30,000x Return appeared first on Live Bitcoin News .
read more
BDAG’s Dashboard, FTM Grows & LINK Faces Challenges
BlockDAG’s Dashboard Spurs Massive $38 Million Presale, Outpacing Fantom’s Growth And Chainlink’s Pricing Struggles In the evolving world of cryptocurrencies, BlockDAG stands out with its unique blend of blockchain and DAG technologies aimed at solving the industry’s core issues of security, scalability, and decentralization. The launch of BlockDAG‘s new dashboard
read more
President Biden Uses Veto to Keep SAB 121 Intact, Protects SEC’s Crypto Outreach
Despite the lawmakers requesting President Joe Biden to revoke the controversial Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121), the President has decided to veto the bill. What’s the SAB 121 Repeal for Crypto? Last month in May, both the House and Senate voted to repeal the SEC’s staff accounting bulletin, known The post President Biden Uses Veto to Keep SAB 121 Intact, Protects SEC’s Crypto Outreach appeared first on CoinGape .
read more
Survey: 77% Believe Presidential Candidates Should Be Informed on AI and Crypto
The Grayscale-Harris Poll survey, conducted in April-May 2024, reveals crucial insights into American likely voters’ views on cryptocurrency and its potential impact on the upcoming presidential election. The survey, involving over 2,000 adults, highlights key trends such as high interest in crypto among young, minority, male, and Democratic voters. Significant findings include 97% of likely
read more