Bitcoin Financial News

Bitcoin and other major cryptocurrencies were trading higher in Thursday's trade after a milder U.S. inflation report raised expectations the Federal Reserve will deliver two interest rate cuts this year. U.S. data on Wednesday showed the consumer price index (CPI) rose by 0.3% in April, below an expected 0.4% gain, raising hopes the Fed can cut rates by 50 basis points this year, with the first quarter-point reduction fully priced for September.

crypto tokens was mixed. Bitcoin, Solana, Cardano, Polkadot, and Avalanche saw gains of up to 4%. However, Ethereum, BNB, Toncoin, Dogecoin, Tron, and Shiba Inu experienced losses of up to 3%. Meanwhile, the global cryptocurrency market cap declined by 0.29% to around $2.38 trillion in the last 24 hours.

Bitcoin is trading just above $65,000, experiencing a 1.25% correction after a recent surge. This upward movement was driven by weaker US CPI data, dovish FOMC sentiment, and a break from a symmetrical triangle pattern.

Skybridge Capital co-founder Anthony Scarmucci believes new entrants to Bitcoin are still early, with institutional adoption of the asset only just ramping up.

Oklahoma Governor Kevin Stitt delivered a major win to digital asset supporters Monday with the enactment of a new Bitcoin rights bill (a.k.a HB3594) focused on preserving fundamental crypto rights amidst the U.S. government’s crackdown on self-custody wallets.

The Bitcoin (BTC) price has been pumping higher this week in wake of US CPI data that pointed at moderating price pressures, and as major financial institutions including Morgan Stanley reveal significant holdings in US spot Bitcoin ETFs.

Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000.

Crypto custody firm Bakkt expects a significant increase in the involvement of institutional investors in the cryptocurrency trading market.

Bitcoin rebounded strongly, surpassing $65,930 and reaching a peak of $66,591 on Thursday. Softer-than-anticipated U.S. inflation data fueled this rally by increasing the likelihood of interest rate cuts and boosting investor confidence across the crypto market.

Former President Donald Trump has been dubbed “America’s first crypto president” ever since his first year in office in 2017, according to Chris Giancarlo, a former CFTC commissioner. This designation came about when his administration approved the introduction of Bitcoin futures contracts, he said.

The Chicago Mercantile Exchange (CME) is reportedly planning to launch Bitcoin trading, seeking to capitalize on the swelling demand for Bitcoin among Wall Street fund managers this year.

Beijing, China – May 16, 2024

Salim Ramji, the newly appointed CEO of Vanguard, has confirmed that the company will not reverse its decision to refrain from launching a spot Bitcoin exchange-traded fund (ETF).

Bitcoin’s price surged by 7.50% to $66,350 amid the latest U.S. inflation data release. The U.S. consumer price index (CPI) rose by 0.3% in April, down from 0.4% in March and February.

Back in 2019, blockchain analytics firm Elliptic published research with the MIT-IBM Watson AI Lab showing how a machine learning model could be trained to identify Bitcoin transactions made by illicit actors, such as ransomware groups or darknet marketplaces. Now the partners have put out new research applying new techniques to a much larger dataset, containing nearly 200 million transactions.

The Bitcoin (BTC) price surged more than 5% back to the $65,000 level on Wednesday in wake of US CPI inflation data that showed moderating price pressures in April, supporting bets that the Fed will be able to ease interest rates a few times before the end of 2024.

In April 2024, Bitcoin faced its sharpest price drop since the FTX collapse, with halving charts in focus, but network activity soared to record highs, driven by new protocols and ETF developments. This report explores and analyzes Bitcoin’s ecosystem and the BTC price developments last month.

Michael Novogratz, the founder of Galaxy Digital Holdings, a prominent digital-asset financial services firm, expects Bitcoin to remain in a relatively narrow trading range in the current quarter.

Robinhood Crypto’s customers in Europe can now stake their Solana holdings and earn rewards, thanks to a new program launched Wednesday. The platform also introduced a rewards program to attract new customers.

On Wednesday, Bitcoin traded at $61,949, up 0.65%, as the Federal Reserve’s hawkish stance on interest rates impacted its price outlook. Concerns over inflation and higher interest rates have dampened investor sentiment toward cryptocurrencies.

blockchain technology and the emerging landscape of Web 3.0, Parth Chaturvedi, head of investments at CoinSwitch Ventures, offered enlightening perspectives in a recent live stream on ETMarkets. Highlighting the core strengths of blockchain, Chaturvedi underscored its transparency and security, attributes that stem from its decentralized structure spread across numerous nodes. Blockchain, as Chaturvedi elucidated, transcends its role as a mere database; it represents a revolutionary technology reshaping industries across the globe. Its core tenets of immutability, decentralization, and security make it a cornerstone of innovation. By utilizing cryptography and distributed ledger technology, blockchain ensures transparent, secure, and real-time transaction tracking, laying the foundation for a more trustworthy digital ecosystem.