Bitcoin returns to $93.5K after CPI release, reversing Monday’s dip
Key receivers
Bitcoin rose above $93.5K after CPI came in at 2.7% YoY, matching forecasts. Monero hit a new ATH near $700, up 15% on the day and 50% on the week.
Share this article
Bitcoin rose above $93.5K on Tuesday, recovering sharply from Monday morning's dip to $90K.
The latest CPI report showed prices rose 2.7% year over year in December, in line with November and consensus expectations. The benign reading boosted confidence in the Fed's current policy path, with the CME FedWatch Tool now assigning 97% of the central bank to hold rates at its late January meeting.
As markets initially reacted to Friday's news that Fed Chairman Jerome Powell had been subpoenaed by the DOJ, the weekend's rally to $92K quickly faded. However, Tuesday's move suggests that bitcoin is gaining ground as a hedge against political risk and macro uncertainty.
As Bitcoin rallied 3.5% from Monday's low, major crypto assets followed suit: Ether to $3.2K, Solana to $143, and XRP to $2.1 in the past 24 hours.
Among the notable movers, History Protocol IP Token rose 48%, Monro (XMR) jumped 15% to a new all-time high of $700, now up more than 50% in the past week.
