Bitcoin has climbed above the $58,000 mark fueled by a rally in U.S. technology stocks. The surge comes as U.S. inflation data released on Wednesday further supports the likelihood of a 25 basis-point interest-rate cut by the Federal Reserve later this month. This positive news led to gains for tech giants such as Nvidia, Microsoft, Google, and Apple.
Currently, BTC is trading just above $58,000, marking a 2.4% increase in the last 24 hours. The broader cryptocurrency market has also seen a rise of about 2.2%, as indicated by the CoinDesk 20 Index.
Despite the overall market growth, bitcoin ETFs experienced a pause in their recent inflow streak. On Wednesday, these funds recorded outflows of $43 million after just two days of inflows.
