PiCK

[Market] Bitcoin tops $70,000 intraday…Ethereum up 7% from prior day

Uk Jin

Summary

Bitcoin (BTC) was reported to have broken above $70,000 intraday and risen 3.25% from the previous day.
Ethereum (ETH) was said to be trading above $2,100 after rising 7.44% from the previous day.
A softer U.S. CPI reading was reported to be fueling rate-cut expectations, boosting risk appetite and the potential for inflows into crypto assets.

Bitcoin (BTC), the bellwether cryptocurrency, rose above $70,000 intraday.

As of the 14th (Korea time), Bitcoin was up 3.25% from the previous day at $70,142, according to CoinMarketCap.

At the same time, Ethereum (ETH) also gained 7.44% from the previous day, breaking above $2,100.

The softer-than-expected pace of U.S. inflation is seen as improving investor sentiment and reviving risk appetite. The U.S. Department of Labor reported that the January Consumer Price Index (CPI) rose 2.4% year on year, slightly below the market forecast of 2.5%.

Coindesk said, "Following the data release, expectations have spread in the market that the Federal Reserve (Fed) could move to cut rates sooner than expected," adding that "if rate cuts materialize, the appeal of safe assets such as deposits and bonds would diminish, increasing the likelihood of funds flowing into risk assets such as crypto assets."

On the prediction market Polymarket, the probability that the Fed will cut the policy rate by 0.25% point in April rose to 20% from 13%. On Kalshi, the likelihood of a 0.25% point cut in the same period increased to 26% from 19%.

BTC

ETH