Bitcoin climbs above $58,000 amid U.S. inflation data and Fed rate cut bets

economictimes.indiatimes.com:

cryptocurrency market experienced a notable surge on Thursday, buoyed by U.S. core inflation data that slightly exceeded expectations, diminishing hopes for a significant rate cut by the Federal Reserve next week.

U.S. consumer prices edged up in August, with core inflation remaining somewhat persistent. The core Consumer Price Index (CPI) increased by 0.28% for the month, surpassing the anticipated 0.2% rise.

The likelihood of a 25-basis-point rate cut by the Fed on September 18 increased to 85% from 66% the previous day, while the chance of a more aggressive 50-bps reduction fell to 15% from 34%, according to CME FedWatch.

As of 1:30 pm IST, Bitcoin had risen 2.4% to $58,058, while Ethereum gained 1% to $2,362. Other major cryptocurrencies also saw gains: BNB rose 5.6%, Solana increased by 2.2%, Dogecoin advanced 2%, Toncoin was up 2%, Cardano climbed 4.5%, and Shiba Inu gained 1.2%.

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The CoinDCX Research Team noted, “The crypto market continued its upward trend as the CPI data came in neutral to positive, boosting market sentiment. This