Here is what happened yesterday in the crypto market:
Bitcoin Reaches New Record Highs
Bitcoin’s price surpassed $124,000, setting a new all-time high and briefly outperforming Google’s market capitalization, fueled by expectations of Federal Reserve interest rate cuts. Analysts are divided on whether this signals a further rally or a potential pullback.
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Crypto Market Slides After US Inflation Report
Unexpectedly high Producer Price Index (PPI) inflation data from the U.S. triggered a slide across the crypto market, with the CoinDesk 20 Index falling 2.1%. While some analysts consider this a healthy pullback, tokens like PEPE and Polygon’s POL experienced significant drops.
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Turkish Exchange BtcTurk Halts Withdrawals Amid Suspected Hack
Around $48 million in cryptocurrency was moved from BtcTurk, a Turkish exchange, leading to fears of a hack and prompting the platform to halt withdrawals. This incident highlights ongoing security concerns within the crypto space.
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Ark Invest Acquires Shares in Bullish Exchange’s NYSE Debut
Ark Invest purchased over 2.5 million shares of crypto platform Bullish (BLSH) on its New York Stock Exchange debut, reflecting continued institutional interest in the crypto sector despite recent market volatility.
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Citigroup Considers Crypto Custody and Payment Services
Wall Street giant Citigroup is exploring offerings for cryptocurrency custody and payment services, signaling growing mainstream financial institution engagement with crypto assets, spurred by regulatory developments and the momentum of ETFs and stablecoins.
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