Bitcoin (BTC) has experienced a notable rally in recent hours following the release of U.S. inflation figures that aligned with market forecasts. The top cryptocurrency briefly surpassed the $93,000 mark, marking an approximate 2% increase within the past day.
Data from the U.S. Department of Labor revealed that the Consumer Price Index (CPI) rose by 2.7% year-over-year in December, matching November’s rate and meeting analysts’ expectations. Core inflation, which excludes volatile food and energy costs, stood at 2.6% year-over-year. On a monthly basis, headline inflation climbed by 0.3%, while core inflation edged up by 0.2%.
Before these figures were published, Bitcoin was trading just under $92,000 but quickly surged to around $93,500 after the announcement was made public. Simultaneously, U.S stock futures gained roughly 0.3%, and yields on the 10-year Treasury note dipped slightly from 4.19% to about 4.175%.
The market consensus currently favors no change in interest rates during January’s Federal Reserve meeting; data from CME FedWatch Tool indicates investors assign a strong probability—around 95%—to this outcome.
Meanwhile, crypto analyst il Capo highlighted Bitcoin’s bullish momentum by suggesting it is poised to challenge the $95,000 threshold soon while noting that privacy-centric cryptocurrencies continue to outperform other digital assets.
This content does not constitute financial advice.