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Bitcoin Crosses Above $101K as XRP, AI Tokens Lead Crypto Rally Following CPI
Wednesday morning's in line U.S. inflation data seemingly cleared the way for a Fed rate cut next week.
What to know:
- Bitcoin recovered from declines earlier in the week, retaking the $101,000 level during U.S. morning hours on Wednesday.
- Ripple's XRP continued an upward move begun yesterday after regulatory approval for the RLUSD stablecoin.
- AI-related tokens were among the larger gainers, perhaps boosted by a report that Apple is working on an AI chip with Broadcom.
The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.
The move higher comes alongside a sizable rally in the U.S. stock market following this morning's Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.
STORY CONTINUES BELOW
After having fallen to as low as $94,100 at one point earlier this week, bitcoin (BTC) has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP's 15% advance.
Read more: XRP Rallies as Ripple's Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says
Also among top performers today are AI-related tokens, perhaps buoyed by a report in The Information that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.
NEAR Protocol (NEAR), Internet Computer (ICP) and Render (RENDER) are all up by 15% or more over the past 24 hours.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
