Bitcoin on the verge of another record.. Indicators of continued upward momentum
Bitcoin is approaching new record prices, which could accelerate gains in the alternative digital currency market, as trade tensions between the United States and China ease.
What could enhance the market recovery this week is the slowdown in the Consumer Price Index for April.
The continued slowdown in the Consumer Price Index may bolster expectations for interest rate cuts by the Federal Reserve, which could be a strong catalyst for Bitcoin to rise to record levels above $110,000.
Bitcoin is currently trading, the largest digital currency by market capitalization, at around $104,320, just 5.1% away from recording new record levels above $109,350.
Bitcoin has seen a sharp recovery since the beginning of April, after falling to $75,000, with prices jumping 10% last week supported by continued inflows into spot Exchange-Traded Funds (ETFs).
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