Bitcoin prices surged to $66,000, up 7% in 24 hours, driven by falling core inflation in the United States and growing institutional investment in Bitcoin ETFs.
In the past 24 hours, the price of Bitcoin (BTC) has surged to $66,000, a staggering 7% gain in just 24 hours. This rise in value was influenced by various macroeconomic factors, including the latest U.S. inflation data.
Bitcoin price rises as US core inflation falls
Recent data from the U.S. Consumer Price Index (CPI) showed that core inflation fell to a three-year low of 3.4%. This decline has triggered increased activity in the Bitcoin market, with major global banks showing strong interest. The correlation between falling inflation and increased investment in digital assets suggests that investors may view Bitcoin as a hedge against economic instability.
Favorable inflation data also suggests that interest rate cuts may be imminent in the United States. Although the Federal Reserve has adopted a cautious "wait-and-see" approach, the latest data may accelerate its timetable. However, there are still concerns about the speed at which inflation will fall, which may limit the scope for interest rate cuts this year.
Major Banks Boost BTC with ETF Investments
The surge in Bitcoin prices has also been fueled by growing institutional interest, especially in Bitcoin ETFs. Recent SEC filings show that top banks such as JPMorgan Chase and Wells Fargo, as well as international banks such as UBS and Bank of Montreal, have disclosed significant investments in Bitcoin ETFs. These disclosures have played a key role in boosting the market value of Bitcoin.
Further driving the market’s momentum is investment from entities such as the Wisconsin Investment Commission, which recently invested $99 million in BlackRock’s spot Bitcoin ETF. The influx of institutional capital not only validates Bitcoin’s investment appeal, but also strengthens its legitimacy and stability as an asset class.
The ETF market continues to be filled with anticipation as more institutions enter. The recent appointment of Salim Ramji, former global head of ETFs at BlackRock, as CEO of Vanguard is particularly noteworthy. Vanguard, which previously banned spot Bitcoin ETFs, may reconsider its stance under Ramji’s leadership, which could lead to more institutional participation.
As more institutional investors begin to include Bitcoin in their portfolios, this shift could sustain Bitcoin's upward trend. The continued development of the ETF industry, coupled with macroeconomic factors, provides a strong framework for understanding Bitcoin's recent and continued rise in value. #美国4月CPI数据回落 #PEPE创历史新高 #Meme币你看好哪一个？
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