Bitcoin, Ethereum, Dogecoin See Long-Sought Relief Rally On Favorable Inflation Data Numbers: Analyst Forecasts $68K-$69K As Next Test For King Crypto

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The cryptocurrency market ushered in a strong rally Wednesday, following lower-than-expected retail inflation data.

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)Bitcoin BTC/USD+7.37%$66,241.50Ethereum ETH/USD+4.86%$3,029.94Dogecoin DOGE/USD+7.91%$0.1555

What Happened: Bitcoin soared past $66,000 for the first time in three weeks, lifting more than 7% in the last 24 hours. The second-largest cryptocurrency, Ethereum, followed suit, breaking $3,000 following gains of nearly 5%.

The rally brought commotion to the market, triggering liquidations worth more than $150 million in the last 24 hours. Short liquidations surged past $110 million.

The surge boosted speculative interest, with…