Bitcoin hits highest level in a month thanks to rosier-than-expected US inflation; eyes on Fed meet

livemint.com:

The largest cryptocurrency Bitcoin is in a super rally on Wednesday, touching its highest level in a month thanks to significant cooling in US inflation data. Broadly, crypto markets are on a bull run with the focus now shifting toward the FOMC policy meeting. Bitcoin which holds dominance in the crypto market moved closer to the $18,000 mark with weekly performance further improving. Also, with a rosier than expected inflation print, Bitcoin snapped its seven days of losing streak. Other counterparts such as Ether, Binance, XRP, and Dogecoin have also witnessed an upside in the last 24 hours.

According to CoinMarketCap data, at the time of writing, the crypto market cap was around $870.29 billion up by 2.58% over the last day. Also, the market volume surged by a whopping 56.82% over the last 24 hours to $52.72 billion.

Bitcoin whose dominance is around 39.27% in the market, was trading over $17,780 at levels above 3.5% over the last 24 hours. The crypto's market cap is around $341.5 billion. Its weekly performance improved with an upside of more than 4%. Binance is the top trending cryptocurrency on Wednesday. Bitcoin's intraday high is currently at $17,930.09. 

Shivam Thakral, CEO of BuyUcoin, India’s second longest-running crypto exchange said, "Bitcoin has touched its highest point in a month ahead of the crucial Fed meeting. Central banks in the US, Japan, EU, and UK will release their inflation numbers which will have a significant impact on the price movement of digital assets in the mid to short term. Bitcoin dominance crossed the 41% mark which indicates de-risking by a large number of investors."

Other counterparts such as Ethereum surged by nearly 4%, while BNB and XRP jumped over 2% each, and Dogecoin was