The post Is a $70K Milestone in the Loop Amid CPI Data? appeared on BitcoinEthereumNews.com.

Yesterday’s inflation report from the U.S. sparked optimism across the market, leading to a significant rally in major cryptocurrencies. Bitcoin, the leading digital currency, experienced a 7.50% increase, reaching $66,350 and breaking through the $65,000 threshold. Additionally, the release of milder-than-expected U.S. CPI figures prompted widespread short-covering, resulting in a sharp uptick in the cryptocurrency markets. The Consumer Price Index (CPI) data indicated a 3.4% increase, slightly down from the 3.7% figure published in March by the U.S. Bureau of Labor Statistics (BLS). Now, the question arises: Is it a definitive trend reversal for Bitcoin or merely a temporary surge? Let’s assess all these carefully and consider all the other metrics. Bitcoin ETFs Inflows Hits Record 2-Week High! Bitcoin Exchange-Traded Funds (ETFs) have recently seen a substantial influx, with investments nearing $303 million, equivalent to 4600 BTC.  FINAL 5/15 U.S. Bitcoin ETF inflows of +$303 million (4,600 BTC) pic.twitter.com/dAX2mcgGe8 — HODL15Capital 🇺🇸 (@HODL15Capital) May 16, 2024 Following a 7% increase in Bitcoin’s value after the release of U.S. inflation figures, Bitcoin ETF inflows reached a two-week peak. Fidelity’s FBTC led the charge with a $131 million investment, marking its most significant influx since March. In addition, Bitwise’s BITB experienced an $86 million investment, while BlackRock’s IBIT did not record any new investments for three consecutive days. These developments suggest an emerging demand that could potentially elevate Bitcoin’s price beyond the $70,000 mark. This whale bought another 102 $BTC($6.72M) 8 hours ago. He has accumulated 3,385 $BTC($232.15M) since Mar 6, with an average buying cost of $68,579. At the current price, there is still a loss of $8.08M. Address:bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w pic.twitter.com/k3HbqBDj3g — Lookonchain (@lookonchain) May 16, 2024 Moreover, data from Lookonchain indicates that a significant Bitcoin investor, identified by the address bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w, has purchased an additional 102 BTC valued at $6.72 million.…

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Filed under: News - @ May 17, 2024 12:24 pm