Bitcoin climbed to a new all-time high after U.S. inflation data for October came in line with forecasts. According to the latest report from the U.S. Department of Labor, the Consumer Price Index (CPI) rose 0.2% compared to the previous month and 2.6% year-over-year. Core CPI increased by 0.3% month-over-month and 3.3% compared to the same period last year. All figures were within the range of predictions by economists, investors, and market observers.
The FedWatch Tool from CME Group revealed that the likelihood of a 25-basis-point interest rate cut by mid-December jumped to 69%, up from under 60% prior to the release of the inflation data.
Since initiating its easing cycle in September, the Federal Reserve has reduced interest rates by a total of 75 basis points. According to CoinDesk, this “accommodative” monetary policy, combined with the victory of Donald Trump and similar moves by Western central banks, has fueled Bitcoin’s ascent to a record high.
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