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bitcoin rose nearly 3% after the release of U.S. inflation data, signaling optimism for a soft landing for the economy and reinforcing bets on a Federal Reserve rate cut this month.
The latest US consumer price index (CPI) data was in line with economists' expectations, while core inflation slightly exceeded projections. That led analysts to anticipate a 25 basis point rate cut in September rather than a more aggressive 50 basis point reduction.
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bitcoin recovers from $55,000 and regains support at $57,000
In response, bitcoin rose more than 3.1% over the past 24 hours to trade at $58,283 as of 4.33am EST, while the broader cryptocurrency market saw its market cap rise 2.6% to $2.05 trillion.
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The first core CPI above expectations in five months.
The last time it happened, twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Had a big drop from 70k+ to 60k.
I'm not sure how it will affect the market this time. With these core CPI data, there is a high probability that the Fed will only cut 25 basis points on September 18.
The Federal Reserve is currently fighting two wars:… photo.twitter.com/0urAkaa8mL
– Ape Trader Degen (@Degen__Ape__) twitter.com/Degen__Ape__/status/1833849258359001518?ref_src=twsrc%5Etfw”>September 11, 2024
ethereum, the largest altcoin by market cap, posted a 24-hour gain of over 1% to trade at $2,359.43. Sui layer 1 blockchain project (IUE) was the best performing stock on the market during the last trading session with an increase of more than 15%.
The meme coin sector continues to struggle
According to CoinGecko, the meme coin market continued to struggle, with its market cap falling by almost 1% to $41.4 billion. However, Popcat (POPCAT) did not follow the trend and rose by 18% to lead the meme coins, according to CoinMarketCap.
AAVE, OP, IMX, WIF, ICP and FTM lag behind the rest of the Top 50
The majority of the cryptocurrency market followed the lead of bitcoin and ethereum, with a large portion of the top 50 cryptocurrencies seeing their prices rise over the past 24 hours.
Solo Internet Computer (ICP), Aave (GHOST), Immutable (IMX), Optimism (OP), Dogwifhat (WIF), and Fantom (FTM) all recorded losses in 24 hours.
Ranked as the 23rd largest cryptocurrency by market cap, ICP fell over 2%, while AAVE fell 1%.
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