Bitcoin hits $116,000 as US inflation eases
Bitcoin jumped to nearly $116,000 on Friday—its highest in three weeks—after US inflation data landed right on target at 2.9%.
This boosted hopes that the Federal Reserve might finally cut interest rates at its next meeting, sending both crypto and stock markets higher.
Bitcoin's price surge
For anyone watching the markets, this is a big deal: steady inflation is fueling bets that cheaper borrowing is coming soon.
That's making riskier assets like Bitcoin more attractive, with over $900 million recently flowing into Bitcoin ETFs.
Bitcoin's rally lifts US stocks
Bitcoin's rally lined up with gains in US stocks—the S&P 500 rose 0.8% and Dow Jones climbed 1.4%—all thanks to optimism about possible rate cuts.
While sellers kept Bitcoin just under $116,000 for now, analysts say this price range will be key for what happens next.