Bitcoin jumped to a nearly nine-month high on Tuesday as traders mulled over key inflation data that could bolster odds the Federal Reserve will slow interest rate hikes.
Bitcoin soared to $26,500 shortly after the print, surging over 15%. Bitcoin later pared some gains, according toAlthough bitcoin is leading the rebound, crypto markets are notching gains across the board, with the industry's value sitting above $1.1 trillion. Ethereum is also on a tear, jumping 7.5% in the past 24 hours.
That compares with previous speculation that the Fed could hike by 50 basis points with more to follow. But the recent collapses of Silicon Valley Bank, Signature Bank, and Silvergate Capital have since raised hopes for a smaller hike. "Silicon Valley Bank meltdown has directed a lot of attention on the permissionless and autonomous nature of Bitcoin for storing savings. Combined with a low CPI print, the price of bitcoin is pulling retail into the crypto economy again," Enrico Rubboli, the CEO of blockchain scaling provider Mintlayer, told Insider.
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