Bitcoin has surged past the $103,000 mark on Wednesday following the release of softer-than-expected US inflation data, which has reignited hopes for potential Federal Reserve interest rate cuts later this year.
Bitcoin is trading up 1% at $103,481, continuing its impressive recovery after last week’s volatility.
The bullish sentiment has spread across the cryptocurrency market:
- Ethereum: Surged 7.3% to $2,650
- Global crypto market capitalization: Increased 2.8% to $3.38 trillion
- Altcoins: XRP, Solana, Dogecoin, and Shiba Inu gained between 3% and 9%
- Monero: Extended gains for a seventh consecutive day, trading above $340 for the first time since August 2021, with market cap reaching $6.43 billion.
Inflation Data: A Catalyst for Crypto Growth
April CPI Report
The latest US Consumer Price Index (CPI) data revealed that inflation rose just 0.2% in April, coming in below the forecasted 0.3%. This softer reading has significantly eased concerns over further…
