The crypto market is experiencing a recovery on Wednesday, rebounding from earlier sell-offs that seem to have cleared much of the long leverage in the market. This uptick coincides with a significant rally in U.S. stocks following the release of Wednesday morning’s Consumer Price Index (CPI) report, which matched economist predictions. The data has convinced traders that the Federal Reserve will likely implement a 25 basis point rate cut at next week’s meeting. As a result, the Nasdaq has risen by 1.5%, and the S&P 500 is up nearly 1%.
Bitcoin (BTC), which had dropped to as low as $94,100 earlier this week, has now recovered to $101,000, marking a 6% increase over the past 24 hours. The broader CoinDesk 20 Index is up almost 11%, with XRP leading the charge, posting a 15% gain.
In addition to XRP, AI-related tokens have shown strong performance today, potentially boosted by a report from The Information indicating that Apple (AAPL) is collaborating with Broadcom (AVGO) on an AI chip. NEAR Protocol (NEAR), Internet Computer (ICP), and Render (RENDER) have all risen by 15% or more in the past 24 hours.
