Bitcoin Surges Past $79K as US Inflation Data Eases Concerns
The release of United States inflation data has caused concerns about persistent annual pressures to ease, leading to a sharp climb in Bitcoin's price.
The leading cryptocurrency traded at $79,387.86, gaining 2.89% over 24 hours, and its advance lifted the crypto market 2.36% to $2.69 trillion.
XRP price hovered near $1.40, while Ethereum reached a seven-month high during the broader rally.
Bitcoin's price crossed $79,000 after gaining 4.5% within one hour of the inflation release, and Ethereum rallied over 8% during that period, touching $2,640 for the first time in seven months.
The annual core CPI slowed to 2.4%, its lowest reading in 66 months, with housing, services, and daily products less stressed, favoring gentler Federal Reserve policy expectations.