Bitcoin Hits Record High on Rising Fed Rate Cut Hopes
(MENAFN) Bitcoin surged to an all-time high of $123,640 early Thursday, buoyed by softer-than-expected U.S. inflation figures that intensified speculation of an imminent Federal Reserve rate cut.
As of 0705GMT, the flagship cryptocurrency eased slightly to $121,870, still marking a 2% gain on the day.
The rally was fueled by U.S. consumer price index data released Wednesday, which showed annual inflation cooling to 2.7% in July with a modest 0.2% monthly rise—figures that fell short of market forecasts and signaled a potential shift in monetary policy.
Market participants now view a rate cut at the Fed’s September meeting as nearly inevitable.
According to Coinmarketcap, the global cryptocurrency market—which includes Bitcoin and Ethereum—climbed approximately 2.45% over the past 24 hours to reach a valuation of $4.15 trillion.
Bitcoin, the largest cryptocurrency by market cap, has soared roughly 30.3% year-to-date.
Meanwhile, Ethereum, the second-largest digital asset, rose 2.78% to $4,757.60.
The crypto sector's momentum reflects growing investor confidence in digital assets amid shifting macroeconomic expectations.
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