Inflation Data Sparks Crypto Surge: Bitcoin and Altcoins on the Rise

On Friday, Bitcoin experienced a 5.56 percent increase in price, with the digital asset currently trading at around $69,196 on Indian cryptocurrency exchanges like WazirX and CoinSwitch, and $66,155 on foreign exchanges such as Binance. This surge came after the US Labor Department’s Bureau of Labor Statistics released data showing signs of inflation cooling down in April, causing Bitcoin and other cryptocurrencies to trade at higher values.

The overall crypto market is stable at the moment, with BTC showing positive momentum post-CPI. According to the CoinDCX markets team, Bitcoin faces a short-term hurdle at $66,670. Clearing this level could lead to further upward movement, with major support at $60,850. Other cryptocurrencies that rose in value alongside Bitcoin on Friday include Tether, Solana, Cardano, Shiba Inu, Avalanche, Tron, and Polkadot.

In contrast, Ether saw a 3.30 percent decrease in price, currently trading at $3,147 on national exchanges and $2,998 on international exchanges. The ETH/BTC pair continues to drop, causing ETH to fall behind BTC, while alts are trading mixed. Key support for ETH is at $2,875, with resistance at $3,040.

On the policy front, Turkey and India have made advancements in crypto policies, suggesting a framework for businesses and investors operating within each country. Additionally, the Securities and Exchange Board of India (SEBI) proposed the appointment of multiple regulators to oversee crypto trading in the country, aiming to guide the finance ministry on policy formulation.

As for market cap, the overall crypto market stands at $2.36 trillion after a 0.90 percent decrease in the last 24 hours. In terms of outliers, LINK saw a significant increase of 13.6 percent. The collaboration between the Depository Trust and Clearing Corporation (DTCC) in the US and Chainlink, along with major US banks, completed a successful pilot to accelerate the tokenization of funds, indicating a step towards blockchain technology adoption in the traditional asset management sector.

It’s important to note that cryptocurrency is an unregulated digital currency, not a legal tender, and subject to market risks. The information provided in this article should not be considered financial advice. NDTV is not responsible for any losses incurred from investments based on the information presented.

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