The cryptocurrency market is currently riding a wave of excitement as Bitcoin nears the coveted $100,000 mark, recently trading at approximately $99,442.
Bitcoin approached the key level of $100,000 on Wednesday evening as cryptocurrency markets rose again amid positive economic signals.
The world’s largest cryptocurrency by market capitalization was trading around $99,442 at the time, up 3.5% over the past 24 hours and less than $100 billion away from the round-number psychological resistance.
Bitcoin’s price had fallen to $90,000 last week following a dismal jobs report and inflation worries. But the subsequent release of wholesale and retail inflation data that came in below expectations appeared to boost investor sentiment, with traders suggesting the Federal Reserve might now consider cutting interest rates.
The correlation between Bitcoin’s price and macroeconomic trends highlights the growing acceptance of the cryptocurrency within traditional market frameworks.
Broader cryptocurrency market rose 3.41% to $3.46 trillion, as Ether also advanced 4% to around $3,300. XRP, Solana, Cardano and Dogecoin also rose, gaining 15%, 4.6%, 7% and 5%, respectively.
The gains came despite continued outflows from exchange-traded funds. Spot Bitcoin ETFs experienced outflows of $1.2 billion over the past four trading sessions, while Ether ETFs saw a net decrease of $266 million during the same period.
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