Bitcoin pushes past $100K as CPI data stirs crypto market rally
US CPI data for November rose to 2.7% YoY from 2.6% in October, in-line with market expectations. Monthly CPI rose 0.3% in November, slightly higher than 0.2% in the previous month. Notably, core CPI stood at 3.3%, unchanged from the rise in October.
The CPI data aligned with expectations as market participants anticipate a 25bps interest rate cut by the Fed next week. A potential rate cut by the Fed could boost demand for risk assets like cryptocurrencies as investors begin favoring higher-yield investment products.
