Bitcoin BTCUSD +1.87% price rose early Thursday but trailed behind other big cryptocurrencies. Moves in digital coins were largely driven by macroeconomic developments.
As the market opened on Wednesday, the price of the world’s largest crypto was up 0.2% over the past 24 hours to last trade at $99,173. It hit $100,843 overnight before pulling back again.
Wednesday’s U.S. core inflation reading appeared to cheer crypto investors. Coming in cooler than expected, the data looked to increase odds of the Federal Reserve cutting interest rates several times this year. Crypto prices rallied after the CPI data was released as lower rates typically benefit cryptocurrencies. Any signs that interest rates are coming down more quickly than previously expected would likely boost Bitcoin prices even further.
Crypto bulls also hope Trump will take action on some of his promises regarding crypto, such as creating a national reserve of Bitcoin and making the U.S. the crypto capital of the world.
