The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.
The move higher comes alongside a sizable rally in the U.S. stock market following this morning’s Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is <a href=”https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html” target=”_blank”>certain to trim</a> its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.
After having fallen to as low as $94,100 at one point earlier this week, bitcoin (BTC) has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP’s 15% advance.
Read more: <a href=”https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says” target=”_blank”>XRP Rallies as Ripple’s Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says</a>
Also among top performers today are AI-related tokens, perhaps buoyed by a <a href=”https://www.theinformation.com/articles/apple-is-working-on-ai-chip-with-broadcom” target=”_blank”>report in The Information</a> that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.
NEAR Protocol (NEAR), Internet Computer (ICP) and Render (RENDER) are all up by 15% or more over the past 24 hours.