Investing.com — Bitcoin rose on Thursday, extending an overnight rally as U.S. consumer inflation data boosted risk appetite and investors largely kept betting on a December interest rate cut. did.
The world's largest cryptocurrency appears to have recouped all of its losses over the past week, while also breaking out of the $90,000 to $100,000 trading range seen in recent weeks.
Shares rose 3.5% to $100,875.9 by 12:47 a.m. ET (5:47 p.m. Japan time).
While most altcoins posted strong gains as risk appetite increased, broader crypto prices also tracked Bitcoin. Most major cryptocurrencies continued to rally significantly over the last week, partly due to the prospect of friendlier U.S. crypto regulation under President Donald Trump.
CPI data solidifies prospects for lower rate of decline
Investors appeared to be betting the US Federal Reserve (Fed) will cut interest rates by 25 basis points next week after inflation data came in line with expectations.
The statistics still show that inflation remains sticky, raising questions about the long-term trajectory of interest rates.
However, the prospect of lower short-term interest rates increased risk appetite, and Wall Street indexes rose to record highs in overnight trading.
Lower interest rates bode well for speculative assets such as cryptocurrencies.
Microsoft shareholders vote against Bitcoin investment proposal
Shareholders of technology giant Microsoft Corporation (NASDAQ:) this week voted against a proposal for the company to consider adding Bitcoin to its balance sheet.
The proposal was put forward by the National Center for Public Policy Research, a think tank, and called on tech giants to consider investing in Bitcoin, arguing that it is a reliable inflation hedge.
However, shareholders rejected the proposal, and Microsoft's board also recommended against its approval. The company has indicated in the past that it is considering cryptocurrencies as an investment, but prefers less volatile assets.
MSTR CEO Michael Saylor's comments about Microsoft adopting Bitcoin also did little to convince shareholders. Saylor's strategy of investing in cryptocurrencies has helped MicroStrategy's stock price rise 450% this year as investors treat the company as a cryptocurrency agent.
Cryptocurrency prices today: Altcoins rebound along with Bitcoin
Broad cryptocurrency prices rose primarily in tandem with Bitcoin, recouping all losses from the past week.
The world's second-largest cryptocurrency rose 6.9% to $3,911.99 and 4.1% to $2.4225.
soared between 5% and 15%, with meme tokens increasing by 6.4%.
