Bitcoin defies a stagnant weekend to soar past $27,400 today—a September high. The ascent comes on the heels of favorable U.S. Consumer Price Index (CPI) data released on Sept. 13.
Read CRYPTONEWSLAND onSource: CoinGecko
The report indicates a 3.7% rise in inflation for August, slightly higher than July’s 3.5%. More encouragingly, annual core CPI—which excludes volatile components like food and energy—registered at 4.3%, lower than last month’s 4.5%. These statistics have stirred hopes that the Federal Reserve might halt interest rate hikes, which in turn could buoy assets like Bitcoin.
The bullish trend isn’t just data-driven; it’s also spurred by growing institutional interest. BlackRock and Fidelity Investments had their spot BTC ETF approvals delayed early this month.
However, Franklin Templeton, with assets worth $1.5 trillion, filed for a Bitcoin ETF on Sept. 12. In the last 24 hours, over $28 million BTC shorts were liquidated, indicating strong bullish momentum.
Considering the robust data, institutional investments, and favorable financial conditions, the future for Bitcoin looks exceedingly bright. A mass adoption trajectory appears imminent, and new financial products like Bitcoin ETFs could revolutionize the market.
Learn how #BlockDAG's $56.1M presale and groundbreaking technology eclipse #PEPE's performance and #Ripple's strategic moves.…
Acclaimed investor and #cryptowhale Raoul Pal has recently shocked the #cryptocommunity by shifting his allegiance…
Tokyo, Japan, 5th July 2024, Chainwire
#ICP Partners with #UNDP and #DFINITY Foundation to advance financial inclusion for #MSMEs using blockchain.…
#MANTRA and #MAG partner to #tokenize $500M in #Dubai real estate, offering 8% #APY and…
Get ready for 2025’s #bullrun with a close look at the top #altcoins like #BlockDAG,…