Bitcoin eyes $60K with better than expected inflation data in the US
Bitcoin experienced steady growth over the past week recovering from a low of $54,000 to currently trading at $58,000.The week began with the Federal Bureau of Investigation (FBI) releasing a comprehensive report on global crypto scams in 2023, revealing staggering losses. The U.S. topped the list, with over $4.8 billion lost to crypto scams, followed by Canada and the UK. India ranked fifth, with reported losses exceeding $44 million. To avoid falling for such scams, one must Research thoroughly before investing, avoid too-good-to-be-true offers and only use trusted platforms for investing.
The presidential debate between Donald Trump and Kamala Harris was the most anticipated, where the crypto community expected a focus on crypto regulation. However, the debate largely centered on other pressing issues such as economic uncertainty, inflation, and abortion rights, with no mention of crypto. This omission left many in the crypto community disappointed, leading to brief selling pressure on Bitcoin. Despite this dip, Bitcoin quickly recovered within a few hours. The same day saw the release of the Consumer Price Index (CPI) data, which showed better-than-expected inflation numbers. This data provided certainty to the crypto community that there will surely be a rate cut in the upcoming FOMC meeting strengthening the market sentiment.
Additionally, the Global Crypto Adoption Numbers by Chainanalysis was also out this week. India retained its top position for the 2nd consecutive year followed by Nigeria and Indonesia.
