The cryptocurrency market ushered in a strong rally Wednesday, following lower-than-expected retail inflation data.
What Happened: Bitcoin soared past $66,000 for the first time in three weeks, lifting more than 7% in the last 24 hours. The second-largest cryptocurrency, Ethereum, followed suit, breaking $3,000 following gains of nearly 5%.
The rally brought commotion to the market, triggering liquidations worth more than $150 million in the last 24 hours. Short liquidations surged past $110 million.
The surge boosted speculative interest, with Open Interest for Bitcoin Futures reaching a one-month high of $32 billion, an 8.64% gain in the last 24 hours.
The market rallied as monthly inflation in the U.S. grew 0.3% from March, below analysts' estimates of 0.4%, according to data released by the Bureau of Labor Statistics. The softer-than-expected numbers raised expectations of easing monetary policy, resulting in increased capital inflows in the risk-on markets.
Top Gainer (24 Hour)
Cryptocurrency Gains ...