Bitcoin has made a comeback, nearing the $100, 000 mark. This jump happened after recent inflation reports showed a slowdown, and the stock market started to rebound. On Wednesday, the top cryptocurrency was trading at $99, 442, which is a 3. 5% increase from previous days.

Two days ago, Bitcoin hit a low of $90, 000. This drop was caused by an unexpected jobs report and worries about high inflation rates. However, Bitcoin bounced back when the wholesale and retail inflation data came in lower than expected. This news suggests that the Federal Reserve might lower interest rates this year.

This trend shows how Bitcoin is now a big part of the mainstream economy. Its price is now affected by macroeconomic factors, just like the stock market. According to CoinMarketCap, the global crypto market went up by 3. 41% on Wednesday, reaching $3. 46 trillion.

Other major cryptocurrencies also followed Bitcoin's lead. Ether, the second-largest crypto by market capitalization, went up by 4%, hovering around $3, 300. XRP, Solana, Cardano, and Dogecoin also saw increases of 15%, 4. 6%, 7%, and 5% respectively.

Despite this upward trend, crypto exchange-traded funds (ETFs) are seeing investors pulling out their money. In the past four trading days, spot Bitcoin ETFs saw back-to-back outflows totaling $1. 2 billion. Ether ETFs also saw a net outflow of $266 million during this period.

Bitcoin Jumps Near $100, 000 on Surprising Inflation Data

Actions