Bitcoin rose on Wednesday away from four-month lows while settling above $80,000 on positive sentiment after more purchases by major corporations.
Now markets await mainline US inflation data for February, expected to provide fresh clues on the odds of a Fed rate cut in upcoming months.
Prices
Bitcoin rose 0.95% at Bitstamp today to $83,733, with a session-low at $81,268.
On Monday, bitcoin rose 5.5%, the first profit in six days away from a four-month trough at $76,600.
Crypto Market Value
The market value of cryptocurrencies rose by $30 billion today to $2.795 trillion.
MetaPlanet
Japan’s MetaPlanet continued to expand its holdings of bitcoin with the purchase of 162 additional units at a value of $13.5 million, averaging $83,123 per unit, with the company’s total holdings rising to 3050 units, valued at $253.7 million.
It’s a similar strategy to MicroStrategy’s bitcoin purchases, indicating increasing institutional trust in the cryptocurrency.
US Rates
Fed Chair Jerome Powell said it remains to be seen whether Trump’s tariff plans will be inflationary.
According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 3%.
Now investors await important US inflation data this week to gather more clues.
