Bitcoin's price is on the rise, reaching approximately $66,200, representing a 6% increase in the last 24 hours. This surge follows Bitcoin's strongest performance in two months, with a more than 7.5% jump on Wednesday. The boost in price can be attributed to U.S. inflation data, which has raised the likelihood of a future interest-rate cut by the Federal Reserve. Like other risk assets, Bitcoin is influenced by expected changes in the monetary policies of major central banks, often rallying when borrowing costs are predicted to decline.

Moreover, investors are anticipating rate cuts by the Bank of England and the European Central Bank in June, contributing to the positive sentiment in the broader digital asset market. CoinDesk's 20 Index (CD20) indicates the market as a whole has seen a 6% increase in the past 24 hours.

In response to growing demand from clients, the Chicago Mercantile Exchange (CME) plans to enter the spot bitcoin trading market, reported the Financial Times. CME already leads in bitcoin futures trading and aims to compete with major players like Binance and Coinbase in the spot market. The entry of such a global derivatives giant into the spot market may divert business away from crypto exchanges. This move is particularly significant as the ongoing bull run is largely driven by institutional investors who prefer regulated platforms, according to Markus Thielen, founder of 10x Research.

CME is reportedly considering conducting its spot trading business through the EBC currency trading venue based in Switzerland, added the report.

In another development, ShibaSwap, the decentralized exchange associated with meme coin Shiba Inu, has expanded to Ethereum layer 2 Shibarium. This expansion allows users to create new liquidity pools on Shibarium, enabling traders to swap tokens and earn a portion of the trading fees for providing liquidity. The developers expressed that increased transaction activity on the Shibarium blockchain will result in a higher burn rate for the SHIB token, ultimately reducing its supply. In line with the overall market surge, the SHIB token price has risen by 8.8% in the past 24 hours.

Lastly, Binance has recorded a record-breaking value of $285 million locked in the number of open PEPE perpetual futures contracts on Wednesday. These futures contracts are sized at 1,000 PEPE per contract. The data suggests that meme cryptocurrencies are once again attracting fast money investors, as weak U.S. data has heightened their appetite for high-risk assets.

The surge in Bitcoin's price, CME's plans to enter the spot trading market, the expansion of ShibaSwap, and the increased demand for meme cryptocurrencies indicate a dynamic and evolving crypto market as investors continue to navigate market fluctuations and seek profitable opportunities.