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Bitcoin surged almost 3% following the release of US inflation data, signaling optimism for a soft landing in the economy and bolstering bets on a Federal Reserve rate cut this month.
The latest US Consumer Price Index (CPI) data aligned with economists’ expectations, while core inflation slightly exceeded projections. That left analysts anticipating a 25 basis point rate cut in September rather than a more aggressive 50 basis points reduction.
Bitcoin Rebounds From $55K To Reclaim $57K Support
In response, Bitcoin surged more than 3.1% in the past 24 hours to trade at $58,283 as of 4.33 a.m. EST, while the broader crypto market saw its market capitalization climb 2.6% to $2.05 trillion.
The first higher than expectation for Core CPI in 5 months.
Last time it happened, $BTC had a big dip from 70k+ to 60k.
Not sure how will it impact the market this time. With this core CPI data, high chance FED will only cut 25bps on Sep 18.Currently FED is fighting the 2 wars:… pic.twitter.com/0urAkaa8mL
— Degen Ape Trader (@Degen__Ape__) September 11, 2024
Ethereum, the largest altcoin by market cap, posted a 24-hour gain of over 1% to trade $2,359.43. Layer-1 blockchain project Sui (SUI) was the top performer in the market over the last trading session with a surge of more than 15%.
Meme Coin Sector Continues To Struggle
The meme coin market continued to struggle, with its market cap down almost 1% to $41.4 billion, according to CoinGecko. Popcat (POPCAT) bucked the trend, though, surging 18% to lead meme coin gainers, according to CoinMarketCap.
AAVE, OP, IMX, WIF, ICP And FTM Lag Behind The Rest Of The Top 50
The majority of the crypto market followed Bitcoin and Ethereum’s lead, with a large portion of the 50 biggest cryptos seeing their prices rise throughout the past 24 hours.
Only Internet Computer (ICP), Aave (AAVE), Immutable (IMX), Optimism (OP), Dogwifhat (WIF) and Fantom (FTM) recorded 24-hour losses.
Ranked as the 23rd largest crypto by market cap, ICP dropped more than 2%, while AAVE slipped 1%.
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