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 <p>Bitcoin rose by over 7.5% to above $66,000 on Wednesday, marking its largest single-day gain in nearly two months.</p> 
 <p>The gain was sparked by US CPI data that showed inflation had eased to 3.4% in April from 3.5% a month earlier.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Overall US CPI moved down to 3.36% YoY in April from 3.48% in March. US inflation has now been above 3% for 37 straight months.</p> 
  <p>US Core CPI (ex-Food/Energy) moved down to 3.62% YoY from 3.80% last month. This is the lowest core inflation reading since April 2021. pic.twitter.com/PBBRPMYAM1</p> 
  <p>— Charlie Bilello (@charliebilello) May 15, 2024</p>
 </blockquote> 
 <p></p> 
 <p>As inflation drops, markets are increasingly optimistic that the US Federal Reserve might start trimming interest rates. Doing so will boost investor appetite for risk assets such as BTC.</p> 
 <p>Bitcoin is adding to yesterday’s gains and is up 5.7% at $66,239 at 06.08 a.m. EST.</p> 
 <h2 id="fed-could-trim-rates-as-inflation-eases">Fed Could Trim Rates as Inflation Eases</h2> 
 <p>The April Consumer Price Index (CPI) data has shifted market expectations on Fed rate cuts.</p> 
 <p>Data from the CME FedWatch Tool shows that 72% of traders expect the Fed will trim rates during the September 2024 policy meeting.</p> 
 <p>Besides the Fed, other central banks from developed economies are also lowering borrowing costs. In March, the Swiss National Bank became the first major economy to cut interest rates after an extended period of monetary tightening.</p> 
 <p>Should central banks pivot to more rate cuts, market liquidity will improve, giving investors more confidence to diversify into riskier assets like crypto.</p> 
 <h3 id="also-read">Also Read:</h3> 
 <ul> 
  <li>PEPE Investor Turns $3K Into $46M Profit In A Month, Aided By GameStop Rally</li> 
  <li>FLOKI Price Soars – What Factors Are Driving This Surge and How Far Will This Rally Go?</li> 
  <li>Top Trending Cryptos on Solana Chain Today – AMC, Gamestop, Kitty Coin</li> 
 </ul> 
 <p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-records-its-largest-single-day-gain-in-two-months-on-cooling-us-inflation-tbt88512.html">https://thebittimes.com/bitcoin-records-its-largest-single-day-gain-in-two-months-on-cooling-us-inflation-tbt88512.html</a></p>
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Bitcoin Records Its Largest Single-Day Gain in Two Months On Cooling US Inflation

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TheBitTimes

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