The cryptocurrency market shows growth as investors await a rate cut from the US Federal Reserve. Bitcoin and other altcoins have seen significant price increases.
Crypto Market and Price Surge
Bitcoin (BTC) rose above $114,000, Ethereum (ETH) surged past $4,400, and XRP climbed above $3. Dogecoin (DOGE) reached $0.25, posting a daily gain of 5% and a total gain of 15.9% over the past week.
US Consumer Price Data
In anticipation of the Fed's interest rate cut, critical inflation data was published today. Key indicators include: Annual Consumer Price Index (CPI) announced at 2.9%, consistent with expectations; Monthly CPI at 0.4%, against an expected 0.3%.
Bitcoin's Reaction to CPI Data
Following the release of consumer price data, Bitcoin demonstrated active growth. Investors expect the Fed to lower rates next month, potentially benefiting the cryptocurrency market.
Cryptocurrencies continue to display a positive trend amid expectations of Fed rate cuts. It is essential to monitor further inflation data that may impact the market.
