Bitcoin surged to a fresh record high above $73,000 following the release of US CPI data. In the last 24 hours, it reached an intraday peak of $73,127 and was last seen at $72,920, up 0.9% at 12:57 pm IST. Despite slightly higher-than-expected US inflation, investors seem optimistic about interest rate cuts expected by the middle of the year.
According to Edul Patel, CEO of Mudrex, Bitcoin remains above the $72,000 threshold level, supported by inflows into spot Bitcoin ETFs. With a 44% gain in the past month, Bitcoin is now aiming for the $76,000 level.
As Bitcoin surged, other cryptocurrencies also experienced significant gains. Avalanche and Toncoin saw notable increases of 13.5% and 21.2%, respectively. Ethereum, BNB, Cardano, Dogecoin, Shiba Inu, Polkadot, and Chainlink also surged in Wednesday's trade.
The total crypto market volume over the last 24 hours decreased by 2.97% to $158.71 billion. However, the volume of all stablecoins increased to $146 billion, representing 91.9% of the total crypto market 24-hour volume.
In the last 24 hours, Bitcoin's market cap surged to $1.434 trillion, with its dominance currently at 52.06%. BTC volume rose 4.4% to $62 billion.
Technical analysis by Sathvik Vishwanath, Co-Founder & CEO of Unocoin, indicates that Bitcoin's resilience above $72,000 fuels optimism among traders, with key resistance levels at $73,824, $76,749, and $79,904.
In other news, cryptocurrency exchange OKX's Singapore subsidiary received in-principle approval for a payments license, allowing it to provide digital payment token and cross-border money transfer services in Singapore. This approval reflects the growing interest in cryptocurrencies in Asia.
Additionally, Sudha Murty, author and former chairperson of Infosys Foundation, has been nominated to the Rajya Sabha by President Droupadi Murmu, highlighting her significant contributions to various fields including social work, philanthropy, and education.
