Bitcoin reclaims $100k mark on Fed rate cut hopes; Sui, Chainlink surge over 24%
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.
«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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