Synopsis
The U.S. consumer price index (CPI) rose 0.3% month-on-month and 2.7% year-on-year in November, aligning with expectations. This boosted the probability of a 25-basis-point rate cut to 99%, up from 89% a day earlier, as per CME FedWatch.
Bitcoin surged past the $100,000 mark on Thursday after an as-expected reading of U.S. consumer inflation cemented bets for a Federal Reserve interest-rate cut next week.
The U.S. consumer price index (CPI) rose 0.3% month-on-month and 2.7% year-on-year in November, aligning with expectations. This boosted the probability of a 25-basis-point rate cut to 99%, up from 89% a day earlier, as per CME FedWatch.
As of 10:02 am IST, Bitcoin was up 4%, trading at $100,935, while Ethereum surged 7% to $3,919. Bitcoin reached an intraday high of $101,913 after dipping to $94,000 last week.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-0.31% BuyCrypto Blue Chip – 5-0.74% BuySmart Contract Tracker-1.68% BuyWeb3 Tracker-4.93% BuyNFT & Metaverse Tracker-9.48% BuyTOP COINS (₹) Ethereum332,862 (7.2%)BuySolana19,622 (6.07%)BuyXRP208 (5.49%)BuyBitcoin8,570,681 (3.64%)BuyTether85 (0.05%)Buy”The crypto market regains momentum as Bitcoin climbs back above the $100,000 milestone. Expectations of a 25-basis-point rate cut in the upcoming Fed meeting, following positive CPI data, boosted the market sentiment,” said Edul Patel, CEO of Mudrex.
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View Details »“Bitcoin faces its next resistance at $103.5k and support standing at $98.4K,” Patel added.
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Vikram Subburaj, CEO of Giottus, said, “While Bitcoin’s RSI at 77 signals overbought conditions, its dominance has slipped below 57%. If Bitcoin sustains support at $100,000, it could pave the way for a rally toward $105,000 this week.”
Also Read: US bankers cautious on crypto despite expected regulatory easing
Other major altcoins, including XRP (6.2%), Solana (5.2%), BNB (5.6%), Dogecoin (7%), Cardano (13.8%), Tron (6.3%), Avalanche (12.5%), Shiba Inu (10%), Chainlink (24%), Polkadot (11.6%), Sui (29%), and Uniswap (16.6%) also experienced gains.
“Among altcoins, Sui leads with a 29% gain, fueled by institutional partnerships and wallet integrations, while Ethereum has risen 7%, breaking above its $3,850 resistance,” said CEO of Giottus.
Also Read:DLF Camellias’ Rs 190 crore Gurugram apartment: How many Bitcoins would you need?
The global cryptocurrency market capitalization rose 5.38% over the past 24 hours to approximately $3.64 trillion. According to , stablecoins is now at 92.76% of the total 24-hour crypto market volume, at $215.74 billion.
Bitcoin’s market cap gained to $1.996 trillion, and its volume in the last 24 hours dropped by 18.59% to $81.25 billion.
Also Read: Nobody can ban Bitcoin: Putin’s comment that fulfilled Bitcoin’s $100K dream
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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