⭐⭐⭐SOS.SOS.SOS. Latest Update from the Bitcoin Market on July 11, 2024 SOS.SOS.SOS⭐⭐⭐
**Price and Market Cap**: Currently, Bitcoin is priced at approximately $57,939.56, showing a slight increase of 0.25% over the past 24 hours. The market capitalization of Bitcoin is around $1.14 trillion (MarketBeat, Blockworks).
**Recent Trends**: Bitcoin's price surged above $59,000 this morning, driven by softer U.S. CPI data, raising hopes for a Federal Reserve rate cut (MarketBeat). This positive sentiment has been supported by continued inflows into U.S. spot Bitcoin ETFs over the past four days (CoinMarketCap).
**Notable News**:
- **ETF Inflows**: U.S. spot Bitcoin ETFs have recently attracted $147 million, indicating strong investor interest (CoinMarketCap).
- **Historical Wallet Activation**: A Bitcoin wallet that had been dormant for over 10 years was activated, realizing a significant gain of 10,400% (CoinMarketCap).
- **Legal Developments**: Do Kwon's spouse has won a major legal battle in South Korea regarding Bitcoin and Ethereum-funded assets (MarketBeat).
**Technical Information**: Recent advancements include the implementation of the Taproot upgrade, which aims to improve Bitcoin’s scalability, efficiency, and privacy. The Lightning Network continues to enhance off-chain transaction speed and efficiency (CoinMarketCap).
### Summary
Following the release of U.S. CPI data, Bitcoin reacted very positively by spiking to its daily peak, but then quickly fell back to previous levels. This highlights the high risk and volatility of the cryptocurrency market. Risk management is crucial in this market.