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HomeBusinessBitcoin Surges Back to $100,000 as Inflation Data Fuels Optimism; CWEB Reports...

Bitcoin Surges Back to $100,000 as Inflation Data Fuels Optimism; CWEB Reports on Cryptocurrency Rally

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Bitcoin (BTCX) has made a strong recovery, bouncing back near the $100,000 mark after dipping to $90,000 just days ago. The initial decline was triggered by a disappointing jobs report and fears of higher-than-expected inflation data. However, Bitcoin’s resurgence was spurred by the release of softer-than-anticipated wholesale and retail inflation reports, which have raised hopes that the Federal Reserve may be able to cut interest rates later this year.

Following Bitcoin’s rebound, other major cryptocurrencies also saw significant gains. Ether, the second-largest cryptocurrency by market capitalization, rose by 4%, pushing its price up to approximately $3,300. Meanwhile, XRP, Solana, Cardano, and Dogecoin saw substantial increases, with XRP surging by 15%, Solana rising 4.6%, Cardano gaining 7%, and Dogecoin climbing 5%.

Despite the impressive upward price movements, CWEB reports that cryptocurrency exchange-traded funds (ETFs) are experiencing notable outflows. Over the past four trading days, Bitcoin ETFs have seen outflows totaling $1.2 billion, while Ether ETFs also experienced $266 million in net outflows during the same period.

The trend of outflows from crypto ETFs suggests that while the market for individual cryptocurrencies is growing, investors are more hesitant when it comes to traditional ETF investment vehicles. This may reflect ongoing uncertainty in the broader financial landscape, even as cryptocurrencies show signs of strong recovery.

Bitcoin’s rise to near $100,000 and the broader rally in digital currencies is encouraging news for the crypto market. However, the simultaneous outflows from cryptocurrency ETFs highlight the mixed sentiment among investors. As inflation data continues to shape market expectations, the cryptocurrency sector may see further volatility in the coming months.

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