16 May 2024
Bitcoin surged 6% to $66,300, breaking its stagnation and crossing above the key 50-day moving average, spurred by optimism over cooling U.S. inflation that also lifted the S&P 500 and other stock indices to record highs. This bullish move, alongside potential macroeconomic shifts and inflows to new Bitcoin ETFs, fuels optimism for a return to Bitcoin’s March highs. Other cryptocurrencies like Ether, Solana, and memecoins also saw significant gains, indicating a broader market uplift.