Bitcoin price rebounds above $58,000 due to positive CPI report, German government Bitcoin sale, and ETF inflows

From Investing.com

July 13, 2024 11:30 AM:

Bitcoin, the top cryptocurrency, surged back above $58,000 after a volatile week of trading. It hit highs above $59,000, then dropping to near $56,000. Positive gains were seen after the U.S. CPI report showed a core gain of 3.3%, less than projected. Monthly inflation rates fell, supporting potential interest rate cuts by the Federal Reserve.

German government makes final Bitcoin sale, ending market speculation. Selling over $2 billion worth of Bitcoin in recent weeks through exchanges like Coinbase and Kraken, with the main account now at a zero balance. The market is watching closely as this development unfolds.

Bitcoin ETFs experienced their best weekly inflows since May, totaling $882 million with an average daily inflow of $175 million. BlackRock and Fidelity funds saw a significant increase, while Grayscale’s ETF continued to decline. This surge comes after a period of price lows, signaling growing investor interest in cryptocurrency.

Read more at Investing.com: Three Reasons Why BTC Price Reclaimed $58,000: Details By U.Today