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Cryptocurrency News Articles
Crypto Market Bounces Back Despite Inflation Jitters, Bitcoin Halving Looms
Apr 11, 2024 at 02:44 pm
The global cryptocurrency market cap surpassed $2.77 trillion, with Bitcoin (BTC) leading the charge with a 2.2% increase to $70,736. Despite hotter-than-expected inflation data in the United States, Bitcoin's resilience stems from heightened demand from institutional investors, even in China via Hong Kong.
Cryptocurrency Market Rebounds Amidst Inflation Concerns
The global cryptocurrency market capitalization has experienced a modest increase of approximately 2%, reaching approximately $2.77 trillion. This surge has been primarily driven by the upward movement of Bitcoin (BTC).
Despite the release of hotter-than-anticipated inflation data from the United States on Wednesday, which raised concerns about potential delays in expected rate cuts, Bitcoin's price has remained resilient. This resilience is attributed, in part, to the increased demand for Bitcoin from institutional investors, including those in China via Hong Kong.
As of Thursday's early London trading session, Bitcoin's price had risen by approximately 2.2%, reaching $70,736. The cryptocurrency market is currently attempting to absorb the news that the U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Uniswap Labs, the operator of the largest Ethereum-based DeFi protocol. Uniswap had previously won a case against the SEC in court last year.
Bitcoin Halving on the Horizon
The highly anticipated Bitcoin halving event is now less than 8 days away, marking a significant milestone that is expected to set the stage for a new era, particularly in the context of the current bullish cycle. While some analysts have expressed concerns that the halving event could lead to a "sell-the-news" event, many crypto investors remain confident in the long-term bullish trajectory of Bitcoin.
Meme Coins Flourish Amidst Market Volatility
Despite the ongoing speculation and volatility in the crypto market, the meme coin industry has continued to thrive. By analyzing the top 50 meme coins, on-chain analytics platform Santiment has identified several standout performers, including Dogecoin (DOGE), SPX6900 (SPX), MAGA (TRUMP), and ArbDoge AI (AIDOGE).
Conclusion
The cryptocurrency market has demonstrated resilience in the face of concerns about higher inflation and potential delays in interest rate cuts. Bitcoin's price has remained bullish, driven by institutional demand and anticipation of the upcoming halving event. The meme coin industry has also continued to attract attention and speculative activity. As the crypto landscape evolves, investors should closely monitor the key developments and emerging trends to navigate the market effectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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