Bitcoin Nears $63K Milestone as U.S. CPI Data Looms

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        <p>On Wednesday, Bitcoin experienced modest gains ahead of the U.S. inflation data release. Trading at $62,775 at the time of reporting, BTC saw a 1.8% increase over 24 hours. The CoinDesk 20 Index (CD20) reflected a similar trend, edging up by 0.55%. The upcoming Consumer Price Index (CPI) for April, expected at 08:30 ET, is predicted to show a 3.4% annual rise, slightly lower than March's 3.5%. Some experts believe a less-than-expected CPI figure could propel Bitcoin above the $65,000 mark.</p>
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        <p>The average transaction fee for Bitcoin has subsided post-halving, impacting miners' revenue. Miners derive income from block rewards and transaction fees. The brief spike in transaction fees, fueled by the new Runes protocol, partially offset the halving effect, but this surge was short-lived. Consequently, miners might offload approximately $5 billion worth of Bitcoin in the coming months, as indicated by Markus Thielen, head of 10x Research. "Why retain inventory if prices aren't climbing?" Thielen questioned.</p>
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        <p>Canaccord Genuity anticipates the continuation of Galaxy Digital's growth trajectory following a 40% increase in net income reported on Tuesday. The firm saw a boost in trading counterparties, with trading revenue soaring by 79%. The approval of spot Bitcoin ETFs in the U.S. is viewed as a significant factor. Galaxy, under the leadership of Mike Novogratz, also boosted its mining capacity and foresees opportunities in both mining and AI hosting through its Helios facility. Despite this positive development, Galaxy's Toronto-listed shares dipped by 1.12%, closing at C$12.41 on Tuesday.</p>
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        <figcaption>(Bank of America)</figcaption>
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        <li>A recent Bank of America survey of global fund managers overseeing $562 billion in assets revealed a record 55% believe global fiscal policy is overly stimulative.</li>
        <li>While increased government spending is favorable for risk assets, including cryptocurrencies, it may contribute to rising inflation.</li>
        <li>Over 40% of fund managers identified inflation as the primary long-term risk.</li>
        <li>Source: Bank of America</li>
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