Bitcoin surges above $50000

BTC Bulls are trying to maintain strong upward momentum, following the 7 day streak, during which the psychologically important $50000 mark has been reached for the first time since 2021.

This impressive bullish run may be attributed to the uptick in the net funds inflows into the spot BTC ETFs over last week (~$1.2 billion).

As of last Friday, spot ETF funds have managed to reach ~$2.8 billion USD in net assets.

Along with the crypto headliner, second major cryptocurrency – Ethereum has also experienced a surge amid the new filing (by Franklin Templeton) for the ETH spot ETF.

Investors are now going to pay attention to the CPI reading to be published later today.

• A higher-than-expected inflation may contribute towards Fed keeping the rates higher for longer, thus potentially lowering the appetite for riskier assets such as BTC and other cryptocurrencies
   
• A lower-than-expected reading could increase the bets on the Fed cutting the rates before summer. This could translate into additional support for the Bitcoin