Bitcoin made a small recovery after US President Joe Biden expressed optimism about the possibility of interest rate cuts this year.

After yesterday's hotter-than-expected CPI report numbers, which showed inflation holding at 3.5% in March, Biden is expected to cut interest rates before the end of the year.

Speaking at a press conference in Japan, Biden said:

“I maintain my prediction that there will be a rate cut before the end of the year. Maybe a delay of a month or so, I'm not sure about that. We don't know for sure what the US Federal Reserve (Fed) will do, but look, we have significantly reduced inflation from 9% to almost 3%.”

Bitcoin price is currently trading at around $70,553, up 2.5% on the day, after falling yesterday following the CPI report.

Source: Tradingview

The overall cryptocurrency market also grew alongside Bitcoin, with the market capitalization of all coins increasing 1.63% to $2.63 trillion and the top 10 cryptocurrencies (excluding stablecoins) all green in the last 24 hours. ETH – the second largest cryptocurrency increased 1.1% to $3,558.

While inflation rates remain high, the Fed avoids cutting the federal funds rate, which in turn tends to push investors to traditional safe havens like Treasury bonds, rather than more volatile assets like cryptocurrencies and stocks.

Yesterday also saw a reversal of recent Bitcoin ETF outflows, with $123.7 million pouring into exchange-traded products. Grayscale's GBTC recorded its lowest day of outflows, with just $17.5 million exiting the fund, after the firm's CEO Michael Sonnenshein declared outflows from GBTC are approaching "equilibrium."

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