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Bitcoin prices BTCUSD surged above $58,000 per coin on Thursday, following a boost from favorable U.S. inflation data. The consumer price index (CPI), released Wednesday, revealed that inflation had slowed to 2.5% in August, slightly under the expected 2.6%. This marks the lowest inflation rate since 2021, providing a much-needed lift for digital assets, including Bitcoin, which had been struggling throughout August.
The report’s positive data helped rejuvenate the crypto market, bringing Bitcoin out of a two-week losing streak. Traders have been quick to react, with the favorable inflation numbers adding confidence to the market. However, the upcoming Federal Reserve meeting next week is still creating uncertainty, as markets await a crucial decision on interest rates. Analysts are expecting the Fed to announce a 25 basis point cut, a move that could further impact crypto assets.
The anticipation of lower interest rates is providing optimism for Bitcoin and other digital assets. Reduced rates tend to lower borrowing costs, encouraging investors to take on riskier assets like cryptocurrencies. Bitcoin, now tied to traditional finance through its spot BTC ETFs, has become highly sensitive to changes in interest rates, making the Fed’s decision all the more significant for the market’s trajectory.
Bitcoin’s recent rally comes after a dry spell in August, when the coin struggled to maintain upward momentum. A potential interest rate cut could give Bitcoin the fuel it needs to maintain its current trend, providing a boost to the broader crypto market as well.
If Bitcoin manages to hold its gains through the week, it would mark the end of a two-week losing streak, signaling renewed strength in the market. Investors are watching closely to see how the cryptocurrency reacts to the upcoming economic shifts, particularly the Fed’s decision on interest rates.
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