Crypto
Bitcoin Steadies Above $78k Amid Muted Reaction to US Inflation Data
Bitcoin stabilized above $78,000 on Thursday, as markets digested mixed cues from the US and Middle East. The world's largest cryptocurrency rose 1.2% to $79,403.2 by 09:56 ET (13:56 GMT), after earlier reaching a peak of $82,000.
The recent rally in crypto was driven mainly by the 'debasement trade', where investors flock to alternative assets due to US Treasury intervention in bond markets.
The Federal Reserve's preferred inflation gauge remained above its 2% annual target, keeping markets on edge over a potential hawkish outlook and higher interest rates.