Overview
The crypto market is rebounding on Wednesday, recovering from significant selling earlier in the week. Bitcoin managed to climb back over the $101,000 mark during U.S. morning hours on Wednesday.
Key Points:
- Bitcoin regained losses from earlier in the week and is currently priced at $101,000, reflecting a rise of over 6% in the last 24 hours.
- XRP surged following news of regulatory approval for the RLUSD stablecoin, continuing its upward trajectory.
- AI tokens also saw considerable gains, possibly influenced by reports of Apple collaborating with Broadcom on a new AI chip.
This surge in the crypto market aligns with a rally in U.S. stock indices after the Consumer Price Index data released this morning matched economists' expectations. This has led many to speculate that the Federal Reserve may cut interest rates by another 25 basis points in its next meeting.
Bitcoin's recent tumbles saw it dipping to $94,100 earlier, but the current recovery is notable, with the broader CoinDesk 20 Index showing gains of nearly 11%, prominently led by XRP's increase of 15%.
For deeper insights about the market movements and implications, read more.
