The largest cryptocurrency by market capitalization spent most of the U.S. trading day in positive territory, albeit not by much.
James Rubin
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The U.S. Consumer Price Index for February dipped unexpectedly, buoying crypto investors at least initially as they sent Bitcoin’s price briefly above $84,000 for the first time since the weekend. BTC spent most of its day in positive territory, as did most other major coins.
The widely watched inflation measure dropped to 2.8% on an annual basis, better than the 2.9% that economists had predicted, as well as January’s 3.3% mark—which had reinforced recent fears that price increases would surpass the U.S. central bank’s target of 2%.
The Federal Reserve is unlikely to shift from its recent monetary hawkishness at its next meeting in five days, although the probability of three interest rate cuts during the summer has risen above 50%. Still, investors remain skittish about the economy amid a looming trade war, geopolitical tensions, and other macro unrest.
Meanwhile, Binance, the world’s largest cryptocurrency exchange, announced that it had secured a $2 billion investment from the Abu Dhabi-based AI and tech investor MGX—a sovereign wealth fund. Binance framed it as the largest single investment ever made into a crypto firm.
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