Market Update: Cryptocurrency Prices Show Significant Increase Following Recent Events

Bitcoin Nears Record High as Analysts Predict $130K Breakout Ahead of Key CPI Data

The world’s largest cryptocurrency is making headlines once again, as it approaches an all-time high. In the past 24 hours alone, Bitcoin (BTC) has surged by a staggering 3.5%, pushing its market value to a whopping $2.42 trillion.

This bullish rally follows a significant development in the US retirement savings plans, with President Donald Trump’s order allowing these accounts to invest in alternative assets, including cryptocurrencies. As a result, Bitcoin ETFs have seen a record-breaking $403.9 million inflows in a single day, led by major players like BlackRock, Fidelity, and Grayscale.

It appears that institutional investors are taking notice of the cryptocurrency’s potential as a safe-haven asset. The market is currently pricing in a higher chance of interest rate cuts, which could further fuel demand for Bitcoin. It has been observed that BTC tends to climb in July and August following each halving event.

Source: coinpedia.org