BITCOIN PUSHES ABOVE $67,000 AFTER MORE THAN 3 WEEKS

Fri 17 May 2024:

On Friday, Bitcoin surged past the $67,000 mark for the first time in over three weeks. The last instance of the world’s largest cryptocurrency reaching this level was on April 24. Around 4 p.m. EDT (2000GMT), Bitcoin was trading at this price, reflecting a 2.8% daily increase, according to CoinMarketCap, a digital asset price tracking site.

Ethereum, the largest altcoin by market capitalization, saw a rise of 5.2% to $3,090 by 4:37 p.m. EDT (2037GMT). Several other altcoins experienced daily price increases of up to 10%.

The total value of the cryptocurrency market reached $2.42 trillion, marking a 3.12% daily gain. Bitcoin’s share of the market, known as dominance, was at 54.4%, while Ethereum’s dominance stood at 15.3%.

On May 1, Bitcoin dropped below the $57,000 level for the first time in over two months, hitting its lowest point since February 27. During this period, the cryptocurrency market saw a selloff as demand for Bitcoin declined following its recent halving, and the former CEO and co-founder of Binance received a four-month prison sentence.

The recent recovery in cryptocurrencies followed a report of slowed US consumer inflation in April, which was released on Wednesday. This development raised investors’ hopes that the Federal Reserve might start reducing interest rates by September.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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