Rebound comes as consumer inflation in US slows down, raising hopes that Fed could begin rate cuts in September
Bitcoin on Wednesday climbed above the $65,000 level again with a daily gain of more than 6%.
The last time the world’s biggest cryptocurrency was above that level was recorded on May 6.
The price of Bitcoin was trading just above that level at 1.16 p.m. EDT (1716GMT) for a daily gain of 6.1%, according to data from CoinMarketCap, a digital asset price-tracking website.
Bitcoin on May 1 plummeted below the $57,000 level for the first time in more than two months, which marked its lowest level since Feb. 27.
The cryptocurrency market experienced a selloff during that period as investors’ demand for Bitcoin fell following its halving last month, and Binance’s former CEO and co-founder was sentenced to four months in prison.
The recent rebound, however, came after US consumer inflation in April showed a slowdown from the previous month earlier Wednesday,which raised hopes that the Federal Reserve could begin lowering interest rates this September.
Ethereum, the world’s biggest altcoin by market cap, was up almost 3% to $2,976 at 1.19 p.m. EDT (1719GMT), while some altcoins saw their daily prices gain as much as 13%.
The value of the cryptocurrency market stood at $2.35 trillion, while Bitcoin’s share of the crypto market, known as dominance, was at 54.5% and Ethereum’s dominance was at 15.2%.
Source: aa