Here's Why #Bitcoin (BTC) Suddenly Surged to $64,000 The price of Bitcoin (BTC), the leading cryptocurrency, topped the $64,000 level earlier this Wednesday. Advertisement This came after the most recent consumer price index (CPI), which was released by the United States Department of Labor earlier today, dipped to 3.4% on a year-over-year basis. This is in line with analysts' expectations, which explains why the price of the largest cryptocurrency experienced a substantial price increase. That said, a lower CPI reading would have probably triggered a more powerful price spike.Related'Rich Dad Poor Dad' Author Sees Major Inflation Coming, Says Bitcoin Is Safe HavenTraders in index swaps are now leaning toward a faster pace of rate cuts after the most recent CPI data. The Federal Reserve is expected to decrease borrowing costs in September and December. RelatedRipple CEO Brad Garlinghouse Claims That Fed’s Inflation Shift Is Good for CryptoA looser monetary policy will, of course, positively affect risk assets like Bitcoin. U.S. stock futures have also jumped following the inflation data, with the S&P 500 futures adding 26 points.
Here's Why Bitcoin (BTC) Suddenly Surged to $64,000
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