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Bitcoin Jumps Near $66,000 After CPI Report
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Cryptocurrency News: Bitcoin jumped back near $66,000 on Wednesday, taking cryptocurrency prices higher since the crisis April CPI report they showed core inflation eased last month, while retail sales cooled more than expected.
Elsewhere, Vanguard on Tuesday named former BlackRock executive Salim Ramji as CEO, The Wall Street Journal reported it. Ramji previously led BlackRock’s exchange-traded funds business, including the expansion of the iShares ETF business, which launched the iShares Bitcoin Trust (IBIT) in January. He left BlackRock in January after about a decade with the company. Ramji begins his role as CEO and board member effective July 8.
Bitcoin turned on The fourth halving concluded on April 19th, which drastically cut the rewards distributed to miners. The price of Bitcoin has historically increased in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Somewhere else, Sam Bankman-Fried was sentenced to 25 years on March 28 in prison for his role in the 2022 collapse of cryptocurrency exchange FTX.
The strong achievement of new highs has its roots in the sector’s historic step forward on January 11th. That was the first day of trading after the The SEC has approved 11 bitcoin ETF applicationswhich included the issuers ARK Investing (ARKK), Black rock (BLK), Grayscale, VanEck, and more. Coinbase serves as custodian for most new ETF issuers. How do cryptocurrency custodians keep digital assets safe?
The best Bitcoin and cryptocurrency ETFs to watch and buy
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Cryptocurrency price action
Bitcoin was trading at around $65,800 on Wednesday afternoon, marking a gain of nearly 7% in the past 24 hours. Bitcoin jumped to $66,450 on Wednesday before slowing down. On March 14, bitcoin reached a new all-time high of $73,798. The cryptocurrency is below its previous peak of $68,990 set in November 2021.
Bitcoin had risen to $49,000 on Jan. 11 on the day of the ETF’s launch, only to fall back to its early December 2023 level before the SEC’s announcement. The world’s largest cryptocurrency has rebounded about 157% in 2023. Bitcoin is now up about 57% this year, with most of the gains accruing in February and March.
Ethereum settled above $3,000 on Wednesday evening, falling 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 cryptocurrency is well below its November 2021 peak above $4,800.
On March 8, Ethereum surpassed the $4,000 level for the first time in 26 months. However, 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 key objectives. First, stay protected by learning when it’s time to sell, cut your losses OR acquire profits. Second, prepare to profit if the cryptocurrency starts to recover.
Despite their original promise, cryptocurrencies have not worked as a hedge against inflation. Instead, they trended with the broader indexes. Light The general picture and the pulse of the market to monitor daily market trends.
View IBD The best cryptocurrencies and crypto stocks to buy and watch page to help navigate the world of digital asset investing.
Do you want to delve deeper into the world of cryptocurrencies? Take a look at What is cryptocurrency? explanatory page.
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