Cryptocurrency Market Resumes Uptrend as Bitcoin Price Surges Higher

The cryptocurrency market resumed its uptrend on Wednesday afternoon as Bitcoin's price surged higher, pulling the rest of the crypto market along for the ride as traders grow increasingly optimistic about the fledgling bull market. Stocks got off to a hot start but saw the momentum wane as the day progressed despite the Producer Price Index dropping 0.5% in October, the largest decline since wholesale inflation dropped 1.2% in April 2020.

This further strengthened traders' assumption that the Federal Reserve will continue to pause interest rate hikes, and could potentially resort to lowering rates in early 2024. At the closing bell, the S&P, Dow, and Nasdaq all managed to finish in the green, up 0.16%, 0.47%, and 0.07%, respectively. Data provided by TradingView shows that Bitcoin bulls started to push the price action in the early hours on Wednesday, lifting the top crypto back above $36,000 by midday before an afternoon stampede drove it to a daily high of $37,887

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