BTC/USD: Bitcoin Soars 8% to Cross $66,000 After Soft Inflation Data Sparks Crypto Rally

It was a wonderful day to be a risk asset.

• Bitcoin prices BTCUSD jumped more than 8% Wednesday after crypto traders scooped up tokens left and right following fresh inflation data. The OG token pumped from $61,300 to a session high of $66,300 per coin, hitting a two-week peak in the process and crossing the 50-day moving average, indicating a potential extension of the upside move in the short-term.
• Consumer prices, a key economic indicator and a gauge of inflation, marked a slight slide to 3.4% for April, retreating for the first time this year, following the 3.5% price growth for March. In other words, the printout bucked the upside swing in inflation for the year. And everyone liked that, especially crypto circles and risk lovers. It was a wonderful day to be a risk asset.
• Other major coins enjoyed elevated buying momentum, too. Ethereum, the second-biggest token, gained 5% to trade right around the $3,000 milestone last seen just two days ago. Overall, crypto markets swell by 5% to hit $2.4 trillion in valuation. Of that gargantuan amount, Bitcoin holds about 55%, or just under $1.3 trillion. Ethereum sits on a market cap of $360 billion.