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Bitcoin is having its best day since March following cooler April inflation reading
Bitcoin jumped with stocks on Wednesday after the April consumer price index showed inflation eased from the previous month. The price of the cryptocurrency was last higher by more than 5% at $64,910.57, according to Coin Metrics, and on pace for its best day since March 25. At one point, bitcoin traded above its 50-day moving average for the first time since April 13, though it has fallen below that level again. “The slightly lighter than expected CPI number modestly increased the chance of a rate cut, which is still a strong influencer to bitcoin price,” Owen Lau, an analyst at Oppenheimer, told CNBC. “After ... (full story)
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- Posted: May 15, 2024 4:11pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 309
