Hassan Maishera
TL;DR
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BTC is up by more than 2% in the last 24 hours and is now trading close to the $71k mark.
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The consumer price index rose 0.4% last month, a disappointing figure in the fight against inflation.
BTC Advances Towards $71k
Bitcoin’s rollercoaster performance continues this week as the world’s leading cryptocurrency by market cap, surged by more than 2% in the last 24 hours.
At press time, BTC is trading at $70,909 and could record further upside in the short term. The positive performance comes following disappointing CPI data in the United States.
According to the Labor Department's Bureau of Labor Statistics, the consumer price index rose 0.4% last month after advancing by the same margin in February. Economists had predicted the CPI gaining 0.3% on the month and advancing 3.4% year-on-year. However, it gained 0.4% in March and 3.5% year-on-year. The data was disappointing as the Fed has a 2% inflation target.
Bitcoin’s positive performance sparked similar behaviors amongst other leading cryptocurrencies. ETH is up by more than 1% in the last 24 hours and is trading at $3,585.
TON is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours, adding 10% to its value and is now trading at $7.47.
