Bitcoin climbs above $58,000 amid US inflation data and Fed rate cut bets

 

The cryptocurrency market saw a significant boost on Thursday, driven by U.S. core inflation data that slightly surpassed expectations, lowering the likelihood of a major rate cut by the Federal Reserve next week. As of 1:30 pm IST, Bitcoin had risen 2.4% to $58,058, while Ethereum gained 1% to $2,362. Other major cryptocurrencies also saw gains: BNB rose 5.6%, Solana increased by 2.2%, Dogecoin advanced 2%, Toncoin was up 2%, Cardano climbed 4.5%, and Shiba Inu gained 1.2%.