Bitcoin Hits $85K as Inflation Eases; Global Markets Show Mixed Signals

Bitcoin's price has surpassed $85,000 on Wednesday, buoyed by recent inflation data indicating a slower-than-expected rise in consumer prices in February. This news has tempered concerns about aggressive interest rate hikes by the Federal Reserve, influencing market sentiment worldwide. Bitcoin reached $85,552.89, marking a 2.38% increase. Ethereum is trading at $1,866.29, up by 0.26%. Other cryptocurrencies also experienced varied movements, with XRP at $2.12, BNB at $599.48, and Solana at $126.88. The Consumer Price Index (CPI) showed a 2.8% increase over the past year, below economists' estimates of 2.9%. Core CPI, which excludes food and energy costs, rose by 3.1%, down from 3.3% in January. This RTTNews data has instilled greater confidence among investors, positively affecting both cryptocurrency and stock markets, even though Wall Street Futures have since seen declines. Global markets presented a mixed picture. European benchmarks showed variable trading, while Asian markets largely closed negatively. In the U.S., the Dow Jones Industrial Average was down 0.03%, and the S&P 500 increased by 0.38% to 5,607.71. Currently, traders anticipate two interest rate cuts by the year's end. The Federal Open Market Committee (FOMC) is scheduled to convene next week to revise projections for economic growth and interest rates. Investors are keenly awaiting the upcoming Producer Price Index (PPI) report for further insights into inflation trends. These developments are being closely monitored to anticipate potential shifts in monetary policy and their subsequent effects on financial markets.