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Bitcoin continued its rebound on Wednesday, hovering just below $100,000, as another encouraging inflation report stoked investor risk appetite.
The price of the flagship cryptocurrency was last up more than 3% at $99,444.43, bringing its two-day gain to about 7%, according to Coin Metrics.
this Coin table 20 An index measuring the broader cryptocurrency market rose 6%.
Bitcoin approaches $100,000 after CPI data released on Wednesday
shares Coin library up 6%. Bitcoin proxy micro strategy and Mara Holdings Each rose about 4%.
Wednesday’s move follows the release of December’s consumer price index, which showed core inflation Unexpected slowdown in December. A day earlier, markets again saw inflation data from the Producer Price Index, which shows wholesale prices December gain less than expected.
The post-election cryptocurrency rally fizzled out in late 2024 after Federal Reserve Chairman Powell issued an inflation warning on Dec. 18, and last week, Bitcoin suffered more severe losses. This Monday, a brief introduction to Bitcoin Dropped below $90,000.
The price of Bitcoin has been influenced by the stock market in recent weeks, in part due to the popularity of Bitcoin ETFs, which have led to the institutionalization of the asset. Bitcoin’s correlation with the S&P 500 has increased over the past week, while its correlation with gold has fallen sharply since late December.
