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The world’s largest cryptocurrency gained further momentum after data released on Wednesday showed US core inflation rose less than expected in December, increasing the likelihood of additional rate cuts by the Federal Reserve.
The consumer price index (CPI) rose by 2.9% year-over-year in December, up from November’s 2.7%. However, core inflation, which excludes food and energy prices, rose by 3.2%, below the forecasted 3.3%.
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As of 11:14 am IST, Bitcoin was trading at $101,364, up 2%, after hitting an intraday high of $102,037. Ethereum, on the other hand, saw a slight decline, falling 0.2% to $3,359.“Bitcoin is trading over $101,000 as market sentiment strengthens with reports of Trump planning to make crypto a national priority,” said Edul Patel, CEO of Mudrex.
Shivam Thakral, CEO of BuyUcoin, added, “Reports indicate that Donald Trump plans to issue an executive order prioritizing cryptocurrency at a national level in the United States, which has sparked optimism among investors.”Avinash Shekhar, Co-Founder and CEO of Pi42, noted, “The return of Bitcoin to the psychological $100,000 mark signifies not just a benchmark, but the convergence of cooling inflation, institutional optimism, and renewed investor confidence in BTC. The possibility of monetary easing from the Fed is driving both BTC and altcoins like XRP, marking the beginning of a new phase in the crypto market.”Also Read: 3 days left for Trump as President: What should crypto investors keep in mind?
Major altcoins also saw significant gains on Friday. XRP rose 8.5%, Solana gained 4.5%, and Dogecoin increased by 2.5%. Other notable movements included Cardano, which surged 6.9%, and substantial gains from Tron (3.4%), Chainlink (11%), Hedera (17%), and Litecoin (17%).
“Altcoins are gaining attention, especially Litecoin, which is edging closer to the SEC’s approval for its Spot ETF, and XRP, which is on track to create a new all-time high. Currently, Bitcoin faces resistance at $102,700 with support at $98,100,” said Mudrex CEO.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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