recovers to $70,000 as CPI weakens and halves. From

[ad_1] – Bitcoin price showed surprising resilience on Thursday, staying near record highs even as hotter-than-expected U.S. inflation data pushed the dollar higher and hurt interest rate expectations.

The anticipation of the upcoming halving event, which will reduce the speed at which new Bitcoin is generated, appeared to provide some support for the token. However, the preparation for the halving is also expected to lead to increased volatility in Bitcoin.

rose 2.1% in the last 24 hours to $70,576.4 as of 00:53 ET (04:53 GMT).

Bitcoin halving is in focus as ETF activity slows

The markets were now waiting for the upcoming halving event which is expected to take place around April 20th with the generation of block no. 840,000 on the Bitcoin blockchain.

The event will halve the rate at which new Bitcoin is mined and ties into the narrative that the token's scarcity will increase its value.

However, the halving also comes amid waning interest in locally traded Bitcoin exchange funds, with recent data showing a significant decline in daily volumes.

Bitcoin ETFs have been a key driver of the token's rally so far in 2024, with Bitcoin still up around 50% year to date.

Crypto price today: surprising resilience despite US interest rate fears

Broader cryptocurrency prices also rose on Thursday, recovering from earlier losses despite the prospect of higher U.S. interest rates in the longer term.

The world's second-largest cryptocurrency rose 1.3% to $3,565.0, while gaining 1.7% and 1.5%, respectively.

U.S. data was hotter than expected, leading traders to largely wipe out expectations that the Federal Reserve will begin cutting interest rates in June. The index also rose to a five-month high after the reading.

It also showed that officials were increasingly concerned about ongoing inflation and were calling for higher interest rates in the longer term.

Such a scenario does not bode well for crypto markets, as their speculative nature means they usually benefit from a low interest rate and high liquidity environment.

Uniswap is facing regulatory action from the SEC

On the regulatory front, the US Securities and Exchange Commission has informed major decentralized exchange operator Uniswap Labs that it is planning enforcement action against the company.

Uniswap said it has been informed by the SEC of the impending regulatory actions and that they are likely related to the regulator's stance on classifying cryptocurrencies as securities. After the announcement, the stock market value fell by 16%.

The SEC is currently pursuing lawsuits against Coinbase (NASDAQ:) and XRP. Both are expected to decide whether cryptocurrencies can fall under traditional US securities law.


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