Why are cryptocurrencies up today?
- Bitcoin is approaching the $100K threshold as the crypto market saw a resurgence after the release of the US December CPI data.
- Inflation met expectations in December, rising 2.9%, while Core CPI rose to 3.2%.
- XRP, Stellar and AVAX rallied alongside several meme coins and AI tokens.
Bitcoin and the general crypto market marked quick gains on Wednesday, adding nearly $100 billion in market capitalization following the release of December’s US Consumer Price Index (CPI) data, which rose to 2.9%.
Bitcoin surges as CPI data stirs crypto market recovery
US CPI data for December stirred a rally across crypto assets with headline CPI rising to 2.9% from 2.7% in November. The yearly core CPI reading also ticked to…
