The price of Bitcoin (BTC) and other cryptocurrencies are rising as stocks retreat on growing inflation fears in the United States.
The price of Bitcoin has increased 3% over the past 24 hours and risen above $71,000 U.S. even as the Dow Jones Industrial Average fell more than 400 points amid worries that interest rates in America will remain higher for longer.
The latest data showed that American inflation in March rose at an annualized rate of 3.50%, which is well above the U.S. Federal Reserve’s 2% target and dampens expectations that interest rates will move lower in the near-term.
Equities remain in the red during pre-market trading today (April 11). However, cryptocurrency prices are rising as investors and analysts continue to see a bull case for Bitcoin, which has rallied 60% so far this year.
Bitcoin’s halving event that is expected to take place around April 20 is proving to be a catalyst for digital assets.
The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has risen 2.5% over the last 24 hours to above $3,600 U.S.
Solana (SOL) is up 1.63%, while Ripple (XRP) has gained 0.76% and Dogecoin (DOGE) has jumped 7% higher.
Unlike stocks, cryptocurrencies trade around the clock, 24 hours a day, seven days a week.
