Bitcoin Breaks $101K, XRP Drives Crypto Rally After CPI Report
The crypto market roared back to life Wednesday, with Bitcoin surging above $101,000 once again. A mix of regulatory wins and broader market optimism fueled a rally that saw significant gains across digital assets, led by Ripple’s XRP.
After tumbling to as low as $94,100 earlier this week, Bitcoin (BTC) has staged an impressive comeback, rising over 6% in the past 24 hours to retake the $101,000 level.
Source: Brave New Coin Bitcoin Liquid Index
CPI Data Clears Path for Rate Cut
The rally coincided with positive momentum in the U.S. stock market. The Consumer Price Index (CPI) report released Wednesday morning aligned with economists’ expectations, suggesting inflation remains under control. Traders took this as confirmation that the Federal Reserve is likely to trim interest rates by 25 basis points at its meeting next week. Wall Street responded in kind: the Nasdaq climbed 1.5%, while the S&P 500 added nearly 1%. This optimism spilled into the crypto market, which has increasingly mirrored traditional financial assets in its response to macroeconomic data.
XRP Soars on Stablecoin Approval
Ripple’s XRP led the charge among major cryptocurrencies, surging 15% over the past 24 hours. The rally was sparked by regulatory approval for Ripple’s RLUSD stablecoin, a key development in Ripple’s broader strategy to integrate blockchain-based financial products into the traditional banking sector.
Source: BNC XRPLX
Ripple CEO Brad Garlinghouse called the approval a “landmark moment,” signaling the potential for further XRP adoption in global financial markets.
Source: X
Market Sentiment Turns Bullish
The combination of positive CPI data, optimism around a Fed rate cut, and fresh momentum in regulatory and technological developments has decidedly turned the sentiment across the crypto market bullish. The sharp recovery follows a brutal sell-off earlier in the week but suggests a solid base may now be forming for further upside.
With Bitcoin firmly above $100,000 and a resurgent appetite for high-growth sectors like AI and blockchain, the crypto market appears poised for a strong finish to the year.
https://bravenewcoin.com/wp-content/uploads/2024/12/xrp-throne.jpg
2024-12-11 19:51:11