Bitcoin Posts Modest Gains After February CPI Inflation Comes In Cooler Than Expected
Bitcoin (BTC) gained slightly following a lower-than-expected Consumer Price Index (CPI) inflation rate of 2.8% for February, down from January's 0.5% increase. The CPI rose by 0.2% month-over-month, while core CPI, excluding food and energy, also increased by 0.2%, below forecasts. This softer inflation data has sparked optimism for potential interest rate cuts by the US Federal Reserve, which could benefit risk-on assets like cryptocurrencies. BTC rose from approximately $81,000 to $84,500 after the data release. Despite recent declines, experts predict a recovery for BTC, potentially reaching $180,000 by 2026, aided by central banks' quantitative easing and a weakening US dollar. Currently, BTC trades at $81,541, reflecting a 0.6% gain in the last 24 hours.
