Bitcoin Price Surges Above $66,000 as US CPI Data Softens and ETF Inflows Increase
BTC rallied above $66,000 (£52,100.6) on Thursday, after softer US consumer price index (CPI) data for April and an increase in exchange-traded fund (ETF) inflows.
The April CPI data, published on Wednesday by the US Bureau of Labor Statistics, showed a year-over-year gain of 3.4%, slightly below March’s 3.5% increase.
Market Response and Crypto Tokens
The value of bitcoin (BTC-USD) has increased over 6% in the past 24 hours to $66,178 at the time of writing. Other crypto tokens, such as ether (ETH-USD) and solana (SOL-USD), have increased by 3.5% and 13% respectively, according to Coingecko data.
US stocks saw an uptick in trading on Wednesday. The Nasdaq Composite (^IXIC) had increased by 1.40%, while the NYSE Composite (^NYA) had gained 0.87%.
Bitcoin ETFs and MicroStrategy
Spot BTC ETFs in the US saw a total daily net inflow of over $302m on Wednesday, the highest since 3 May. MicroStrategy (MSTR), known for accumulating approximately $13bn worth of bitcoin, has been included in the MSCI World Stock Index, highlighting the increasing infiltration of crypto exposure into traditional portfolios.
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