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Bullish Reversal. Crypto assets rallied to safely secure a green week as TradFi stock indexes marched upwards to new all-time highs! What happened in markets this week?
BTC was retesting $60k last weekend, but has since rallied higher, gaining nearly 8% on Wednesday after U.S. consumer price index (CPI) inflation for the month of April came in line with analyst expectations.
Inflation continues to run above the American Federal Reserve's long-term 2% target, but Wednesday’s CPI print marked the first decline in three months. The release of this series coincided with April retail sales and oil stock data, which showed demand in decline, perversely giving investors cause for optimism by increasing the likelihood of rate cuts.
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