Bitcoin Rises to Near $60,000: Cryptocurrency Sees Strongest Surge Since 2021,
nearing its yearly peak at around $59,468 at the time of writing.

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Bitcoin
US Crude Oil Inventories

US Gross Domestic Product

Bitcoin Monthly Surges Approaching $60,000 per Bitcoin

The cryptocurrency Bitcoin is experiencing its strongest surge since 2021,
nearing its yearly peak of around $59,468 at the time of writing.

This comes following the approval of financial regulators in
the United States to establish immediate funds for trading in digital currencies starting in January of this year.

Market participants are turning to Bitcoin purchases amid expectations
that the Federal Reserve will maintain interest rates for an extended period throughout 2024.

US Crude Oil Inventories: How Will the Figures from the Largest Oil Consumer Be Affected

Markets closely watch today’s Wednesday trading session for US crude oil inventory data.

The inventories showed a 3.5 million barrel increase during the last reading,
contradicting expectations of adding 3.8 million barrels and marking a decline from high levels around 12 million.
Today, we witness the weekly reading for US crude oil inventories,
with economists expecting a decrease to 1.8 million barrels.

It’s noteworthy that presenting a reading higher than 3.5 million barrels
or above 1.8 million could further negatively impact oil prices.

Initial Reading for US Gross Domestic Product (GDP) and How Investors Will Interpret It

Markets await the initial reading for US Gross Domestic Product (GDP),
with investors closely observing the Federal Reserve’s next move.
Expectations suggest the Fed won’t cut interest rates below 50% in May.

Forecasts indicate a decline of around 3.3%, whereas the previous reading was around 5.2%.
To reinforce the betting stance that the Fed won’t cut rates in May,
it’s important that the reading exceeds 3.3% and shows positive momentum for the US dollar.
Conversely, if we see a reading lower than 3.3%, it may signal the beginning of declines in US economic activity.

Bitcoin Rises to Near $60,000

Bitcoin Rises to Near $60,000

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