The U.S. inflation data for October matched economist estimates, showing a moderate Consumer Price Index (CPI) rise of 0.2%, allowing Bitcoin to reach nearly $90,000.
Following the CPI report, Bitcoin gained momentum, rising to $89,500 after a significant 30% increase in the past week, reflecting investor confidence amid easing monetary policies.
The Federal Reserve's current easing cycle has seen a total of 75 basis points in rate cuts, contributing to a favorable environment for Bitcoin and other assets.
Just after the CPI data release, the odds of another Fed rate cut in mid-December surged to 69%, indicating potential for further monetary easing.
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