Bitcoin Holds Above $70,000 as U.S. Inflation Remains Subdued

Crypto markets extended their gains on Wednesday after the Bureau of Labor Statistics reported that the consumer price index increased 0.3% for the month, putting the annualized U.S. inflation rate at 2.4%, in line with expectations.

Bitcoin (BTC) is trading at around $70,500, up 0.5% over the past 24 hours. Meanwhile, ETH climbed 1.4% to $2,070, SOL gained 1.2% to $87, and XRP is flat on the day.

The overall crypto market capitalization climbed 0.5% to $2.48 trillion, according to Coingecko.

Crude oil (WTI) is trading at around $85 per barrel after International Energy Agency (IEA) member nations pledged to release 400 million barrels from their emergency stockpiles. The S&P 500 and the Nasdaq were unchanged on the day.

Most of the Top 100 digital assets posted gains over the last 24 hours.

Today’s top gainers are Internet Computer (ICP), which rallied 9%, followed by Hyperliquid (HYPE), which climbed 6%.

Midnight (NIGHT) and Zcash (ZEC) are the biggest losers

Around 94,000 leveraged traders were liquidated for $183 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $62 million, while ETH positions made up $44 million.

Bitcoin exchange-traded funds (ETFs) recorded inflows of $251 million on Tuesday.