Bitcoin rose on Wednesday away from four-month lows while settling above $80,000 on positive sentiment after more purchases by major corporations. 

Now markets await mainline US inflation data for February, expected to provide fresh clues on the odds of a Fed rate cut in upcoming months.

Prices

Bitcoin rose 0.95% at Bitstamp today to $83,733, with a session-low at $81,268.

On Monday, bitcoin rose 5.5%, the first profit in six days away from a four-month trough at $76,600.

Crypto Market Value 

The market value of cryptocurrencies rose by $30 billion today to $2.795 trillion.

MetaPlanet 

Japan’s MetaPlanet continued to expand its holdings of bitcoin with the purchase of 162 additional units at a value of $13.5 million, averaging $83,123 per unit, with the company’s total holdings rising to 3050 units, valued at $253.7 million.

It’s a similar strategy to MicroStrategy’s bitcoin purchases, indicating increasing institutional trust in the cryptocurrency.

US Rates

Fed Chair Jerome Powell said it remains to be seen whether Trump’s tariff plans will be inflationary. 

According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 3%.

Now investors await important US inflation data this week to gather more clues.

The US dollar rose in European trade on Wednesday against major rivals following a wave of losses across seven sessions, thus settling just above five-month lows.

Now investors await important US inflation data for February, which could provide fresh pricing for the odds of a Fed rate cut in upcoming months.

The Index

The dollar index rose 0.3% to 103.71, with a session-low at 103.42.

On Tuesday, the index lost 0.45%, the seventh loss in a row, marking the longest such streak of losses since June 2024, and plumbing a five-month trough at 103.22 on concerns about a US recession due to Trump’s trade policies.

US Rates

Fed Chair Jerome Powell said it remains to be seen whether Trump’s tariff plans will be inflationary. 

According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 3%.

Now investors await important US inflation data this week to gather more clues.

US consumer prices are expected up 2.9% y/y in February, compared to a 3% rise in January, while core prices are expected up 3.2%.

Gold prices rose in European trade on Wednesday on track for the second profit in a row, settling above $2900 as the dollar weakened against major rivals. 

Now investors await major US inflation data for February, expected to provide fresh pricing for the odds of a Fed rate cut in the first half of the year.

Prices

Gold prices rose 0.35% today to $2925 an ounce, with a session-low at $2909.

On Tuesday, gold rose 0.95%, marking the first profit in four days on haven demand.

US Dollar

The dollar index traded near five-month lows at 103.22 against a basket of major rivals.

It comes amid mounting concerns about a potential US recession due to Donald Trump’s aggressive tariff policies. 

US Rates

Fed Chair Jerome Powell said it remains to be seen whether Trump’s tariff plans will be inflationary. 

According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 3%.

Now investors await important US inflation data this week to gather more clues.

US consumer prices are expected up 2.9% y/y in February, compared to a 3% rise in January, while core prices are expected up 3.2%.

SPDR

Gold holdings at the SPDR Gold Trust rose 3.45 tons yesterday to a total of 895.2 tons, a week high.

The euro fell in European trade on Wednesday away from five-month highs against the dollar, heading for the first loss in four days on profit-taking.

It comes ahead of an important statement by European Central Bank President Christine Lagarde today, expected to provide more clues on the future path of eurozone interest rates.

The Price

The EUR/USD pair fell 0.2% today to $1.0895, with a session-high at $1.0918.

The pair closed up 0.8% on Tuesday on track for the third profit in a row, hitting a five-month high at $1.0947.

The gains were made after reports about Ukraine’s acceptance of a one-month ceasefire deal, while Germany is about to approve a massive new fiscal stimulus plan.

European Rates

A Reuters report indicated that ECB policymakers see an increasing probability of holding rates unchanged at the next meeting. 

The markets now estimate only a 50% chance of an April ECB interest rate cut.

Lagarde

Later today, ECB President Christine Lagarde will speak in Frankfort, expected to provide clues on the path ahead for eurozone monetary policies and interest rates.

US Rates

Fed Chair Jerome Powell said it remains to be seen whether Trump’s tariff plans will be inflationary. 

According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in March stood at just 3%.

Now investors await important US inflation data this week to gather more clues.