Crypto Shares Gain As Bitcoin Price Edges Closer to Record High; SharpLink Gaming up 32%; Circle up 10%; Canaan up 9%
Crypto shares gained in Wednesday trading.
SharpLink Gaming up 32%; Circle up 10%; Canaan up 9%; Bitcoin Depot up 5%; Riot Platforms rose 2%; Hut 8, Coinbase up 1%.
Bitcoin was edging higher on Wednesday, with a cooler-than-expected inflation print likely to help the cryptocurrency tocling onto its recent gains.
The world’s largest token by market valuation was up 0.6% to $109,771 over the past 24 hours, according to data from CoinDesk. It’s now about 2% off the all-time high of just under $112,000 it hit last month.
Bitcoin has tended to move in line with the stock market this year, so the May consumer price index reading could help drive up prices. Inflation for last month came in at 2.4%, slightly below what economists polled by FactSet were expecting. That could give the Federal Reserve more scope to cut interest rates sometime later this year, which would likely boost demand for riskier assets like cryptos.
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