Investing.com– Bitcoin price rose slightly on Wednesday, extending an overnight rebound as risk sentiment improved amid increasing bets on a deeper U.S. interest rate cut following soft PPI data and an in-line CPI report.
The added 1% to $60,039.0 by 10:16 ET (10:16 GMT), having now recouped all of its steep losses logged during a market rout last week.
But further gains in Bitcoin were still limited as institutional inflows into the token remained constrained, while uncertainty over crypto’s regulatory outlook in the U.S. also weighed.
Bitcoin slightly extends rebound on soft PPI, in-line CPI
Marginal gains in Bitcoin were driven chiefly by softer-than-expected inflation data on Tuesday.
The reading ramped up hopes that consumer price index (CPI) data, due on Wednesday, will ease as expected. Softer inflation gives the Federal Reserve more headroom to begin cutting interest rates in…
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