The U.S. consumer price index (CPI) meets expectations, solidifying the Federal Reserve's expectation for interest rate cuts next week, with the tech-heavy Nasdaq breaking the 20,000 mark for the first time. Cryptocurrencies are rising across the board, with Bitcoin once again surpassing the $100,000 mark and Ether returning above $3,800.
CPI meets expectations, the Federal Reserve is expected to cut interest rates by one basis point next week
The U.S. November consumer price index (CPI) meets expectations, growing 0.3% compared to October and 2.7% compared to the same period last year. Excluding the volatile food and energy prices, core CPI rose 0.3% compared to the previous quarter and 3.3% compared to the same period last year.
Investors expect that the consumer price index (CPI) data for November will keep the Federal Reserve on track for interest rate cuts at next week's meeting. Economists believe this data shows progress in inflation, although inflation remains sticky. According to CME FedWatch data, as many as 98.6% of traders estimate that the Federal Reserve will announce a rate cut at the meeting on 12/18. However, the path for rate cuts next year has become more moderate.
Bitcoin has returned to $100,000, and cryptocurrencies are rising across the board.
Bitcoin has returned to an upward trajectory, reaching $101,888 this morning, with a nearly 5% increase in the last 24 hours.
According to data from the crypto data tracking platform Arkham, financial giants BlackRock and Fidelity's exchange-traded funds (EFT) purchased $500 million worth of Ether in the past two days. ETH has returned above $3,800.
Ripple CEO Brad Garlinghouse confirmed that New York's top cryptocurrency regulatory body, the Department of Financial Services (NYDFS), has officially approved Ripple's new stablecoin RLUSD. Tokens related to Ripple Labs, XRP, continue to rise.
The top ten cryptocurrencies also saw good gains.
Source: CoinGecko
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