Key Takeaways
- Bitcoin surged past $93.5K after CPI came in at 2.7% YoY, matching forecasts.
- Monero hit a new ATH near $700, up 15% on the day and 50% on the week.
Bitcoin surged past $93.5K on Tuesday, rebounding sharply from a Monday morning dip to $90K, as investors responded to fresh US inflation data and shifting political sentiment.
The latest CPI report showed prices rose 2.7% year-over-year in December, matching November and consensus expectations. The tame reading bolstered confidence in the Fed’s current policy path, with the CME FedWatch Tool now assigning a 97% probability that the central bank will hold rates steady at its late January meeting.
While markets initially reacted to Friday’s news that Fed Chair Jerome Powell had been subpoenaed by the DOJ, the weekend rally to $92K quickly faded. However, Tuesday’s move suggests Bitcoin is regaining momentum as a hedge against political risk and macro uncertainty.
As Bitcoin rose 3.5% from Monday’s lows, major crypto assets followed: Ether climbed to nearly $3.2K, Solana to $143, and XRP rose to $2.1 over the past 24 hours.
Among standout movers, Story Protocol’s IP token surged 48%, while Monero (XMR) jumped 15% to a new all-time high near $700, now up over 50% in the past week.
Source: https://cryptobriefing.com/bitcoin-surges-above-92500-as-market-rallies/
