Bitcoin Climbs Above $101K as XRP and AI Tokens Propel Crypto Market Rally Post-CPI

The crypto market is experiencing a rebound on Wednesday, recovering from earlier losses that seem to have cleared much of the leveraged positions. This surge is happening alongside a significant rally in the U.S. stock market, which followed the release of the latest Consumer Price Index (CPI) data, matching economists’ expectations. The report has prompted traders to anticipate that the Federal Reserve will reduce its benchmark interest rate by 25 basis points at its meeting next week. As a result, the Nasdaq has climbed 1.5%, and the S&P 500 is up nearly 1%.

Bitcoin (BTC), which had dropped as low as $94,100 earlier this week, has surged back to $101,000, gaining over 6% in the past 24 hours. The broader CoinDesk 20 Index has advanced nearly 11%, with XRP leading the pack with a 15% rise.

AI-related tokens have also been among the top performers today, potentially fueled by a report from The Information that Apple (AAPL) is collaborating with Broadcom (AVGO) on a new AI chip. NEAR Protocol (NEAR), Internet Computer (ICP), and Render (RENDER) are all up by more than 15% in the last 24 hours.