Bitcoin price rose to near $64,000 as stock futures climbed.
The upside came after US inflation data showed consumer prices rose less than expected in April.
Algotech, a new crypto trading project, continued to attract investors as its presale crossed $4.8 million.
As stock futures rose on Wednesday, Bitcoin price jumped more than 2% to break above $63,700. The benchmark cryptocurrency’s rise towards $64,000 saw altcoins flip green.
Amid the gains for alts such as Ethereum, Toncoin and Avalanche, new crypto project Algotech swelled in presale.
Bitcoin surges as CPI rises less than expected
On Wednesday, data on inflation showed that the consumer price index (CPI), the US Federal Reserve’s preferred inflation gauge, only rose 0.3% in April. That was lower than the expectation of 0.4% for the month-on-month increase, CNBC reported.
While the inflation reading remains above 3%, its overall dip to 3.36% year-over-year in April from the 3.48% reported in March attracted a reaction across markets. Also notable was the US Core CPI (which excludes food and energy) – it was 3.62% YoY in April compared to 3.80% the previous month.
The inflation report saw Treasury yields fell as stocks pumped. The gains were also visible across the crypto market, with Bitcoin jumping from below $62,000 to hit highs above $63,855.
A 3.6% upside for BTC pushed the total crypto market cap up by more than 2% to over $2.43 trillion.
Algotech: A new crypto trading project
At its core, Algotech is a decentralized algorithmic trading platform that brings innovative crypto trading technologies to the ordinary trader.
The goal is to empower traders via integration of artificial intelligence, machine learning and analytics tools. Automation and blockchain technology meet to offer a potentially game-changing platform for crypto traders.
As it prepares to launch, Algotech has allocated 70% of the total of 350,000,000 ALGT to the public presale. When the current presale stage concludes, the ALGT price will increase to $0.10. Meanwhile, the estimated launch price after the presale is $0.15.
Algotech gains as presale nears $5 million raise
Algotech has raised more than $4.88 million in its ongoing token sale, with the current presale stage more than 75% sold out.
Currently, only 14% of ALGT tokens remain unsold in stage 3. It means investors keen to grab some of the tokens at prices of $0.08 may want to take swift action. But why is the interest in Algotech rising?
While today’s Bitcoin price spike towards $64k has buoyed the broader crypto market, the overall interest in Algotech is something that has built up in bounds these past few weeks.
The positive sentiment around the project has strengthened as more people understand what the platform offers. Moreso, it’s the potential for its defining features to drive the next big wave in crypto trading that has investors flocking to the presale.
Visit the Algotech website to learn more about this project.
The post Algotech gains as Bitcoin spikes towards $64k on latest CPI report appeared first on CoinJournal.
