Bitcoin price today up near $104k.
Bitcoin rebounded on Wednesday after softer-than-expected U.S. inflation data bolstered Federal Reserve rate-cut bets, while a temporary U.S.-China trade truce further provided support.
The world’s largest cryptocurrency rose 1.3% to $103,862.5 by 02:16 ET (06:16 GMT).
The token saw sharp gains last week as it blew past the coveted $100k level on optimism around easing trade tensions, but lost steam in the last few sessions amid profit-taking.
Soft US CPI sparks Fed rate cut bets
U.S. consumer price index data released Tuesday came in below expectations, easing concerns over the inflationary effects of trade tariffs.
Separately, a joint statement on Monday by the U.S. and China to temporarily roll back tariffs helped calm fears of a global economic downturn.
The U.S. will reduce its tariff on Beijing from 145% to 30%, while China will lower its retaliatory tariff from 125% to 10%, both for 90 days.
Bitcoin and major altcoins registered mild gains as traders grew optimistic that the Fed might eventually have room to ease interest rates.
European stocks steady.
European equity indices steadied Wednesday after recent gains, as investors digested more corporate earnings and key inflation data.
At 03:05 ET (07:05 GMT), the DAX index in Germany climbed 0.3%, while the CAC 40 in France traded largely unchanged and the FTSE 100 in the U.K. fell 0.1%.
Volatility wanes
The news of a trade deal between China and the U.S., the two largest economies in the world, has seen most major equity markets claw back the losses they suffered in the wake of U.S. President Donald Trump announcing his tariff plans.
U.S. stocks have returned to positive territory for the year, while European shares are now a shade higher than on April 2, the so-called “Liberation Day”.
Gold prices fall as safe-haven demand fade.
Gold prices fell in Asian trading on Wednesday as bullion’s safe-haven appeal took a hit from easing U.S.-China trade tensions, while a softer-than-expected U.S. inflation reading further exerted downward pressure.
Cooling consumer prices diminish demand for traditional safe-haven assets like gold, which are often used to preserve value during high inflation.
As of 02:53 ET (06:53 GMT), Spot Gold fell 0.7% to $3,228.95 per ounce, while Gold Futures expiring in June declined 0.5% to $3,232.24 an ounce.
Gold slips on soft CPI data, US-China trade thaw
U.S. consumer price index data released Tuesday came in softer than expected, easing worries about inflationary pressure from trade tariffs.
On Monday, the U.S. and China agreed to temporarily scale back steep tariffs, cutting them to 30% and 10% respectively for 90 days, alleviating global recession fears and boosting risk sentiment.
U.S. President Donald Trump said on Tuesday that he might personally engage with Chinese President Xi Jinping to work out the final terms of a trade deal.
While these shifts could offer the Federal Reserve greater flexibility on monetary policy, lingering concerns about a potential tariff-induced inflation rebound kept markets cautious.
The resulting uncertainty over the Fed’s rate trajectory weighed on gold prices, which typically benefit from lower interest rates due to reduced opportunity costs.
The US Dollar Index was largely unchanged in Asian trading on Tuesday.
Among other precious metals, Silver Futures fell 0.6% to $32.915 an ounce, while Platinum Futures rose 0.5% to $995.45 an ounce.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement
