Bitcoin jumps above $65.9k as US inflation data fuels rate-cut bets

economictimes.indiatimes.com:

Bitcoin and other major cryptocurrencies were trading higher in Thursday's trade after a milder U.S. inflation report raised expectations the Federal Reserve will deliver two interest rate cuts this year.

U.S. data on Wednesday showed the consumer price index (CPI) rose by 0.3% in April, below an expected 0.4% gain, raising hopes the Fed can cut rates by 50 basis points this year, with the first quarter-point reduction fully priced for September.

As a result of this development, the global cryptocurrency market cap surged by 5.3% to approximately $2.38 trillion within the last 24 hours.

As of 11:58 a.m., Bitcoin was trading 6.6% higher at $65,983, while Ethereum witnessed a 4% rise to $3,019. Several altcoins also saw notable gains, with BNB (2.7%), Solana (12.1%), XRP (3.7%), Dogecoin (6%), Cardano (7.6%), Shiba Inu (8.8%), Avalanche (7.4%), and Polkadot (7.7%) among those experiencing increases.

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«The latest CPI data showed that inflation in April showed signs of cooling down. The news had an immediate impact on financial markets including