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<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price spiked to $98,800, following the US CPI data, in line with economists’ expectations.</li> 
 <li>Official notes reveal there’s a strong chance for a 25 bps rate cut this month.</li> 
</ul> 
<p>Bitcoin’s price recorded a spike earlier close to $99,000, after the US CPI data was released, showing numbers in line with economists’ expectations.</p> 
<p>Also, changes are getting higher for an upcoming Fed interest rate cut later this month, according to official notes. 0</p> 
<h2 id="bitcoin-price-surged-following-cpi-data-release">Bitcoin Price Surged, Following CPI Data Release</h2> 
<p>A few minutes ago, Bitcoin’s price surged above $98,800, following the newly released CPI data for November. Earlier, BTC traded below $96,000, ahead of an almost 1% surge in its price, boosted by the economic macro data in the US.</p> 
<p>At the moment of writing this article, BTC is trading at around $98,600 following its earlier surge above $98,000.</p> 
<figure id="attachment_54943" aria-describedby="caption-attachment-54943" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208.jpeg"><img loading="lazy" decoding="async" class="wp-image-54943 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208.jpeg" alt="BTC price in USD today" width="1200" height="800" title="Bitcoin's Price Spikes Near $99K, Following US CPI Data 25" srcset="https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208.jpeg 1200w, https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208-300x200.jpeg 300w, https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208-1024x683.jpeg 1024w, https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208-768x512.jpeg 768w, https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208-750x500.jpeg 750w, https://crypto.ro/en/wp-content/uploads/2024/12/BTC_1D_graph_coinmarketcap-2024-12-11T154551.208-1140x760.jpeg 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></a>
 <figcaption id="caption-attachment-54943" class="wp-caption-text">
  BTC price in USD today
 </figcaption>
</figure> 
<p>Bitcoin’s latest price spike came following the release of US CPI data for November which showed a rise in inflation at 2.7% YoY, in line with economists’ expectations.</p> 
<h2 id="us-cpi-data-for-november">US CPI Data for November</h2> 
<p>On November 11, the overall crypto market rebounded and recorded a rise due to the release of the inflation data in the US.</p> 
<p>Here is the latest CPI data for November, all in line with what economists were expecting:</p> 
<ul> 
 <li>CPI prices rose 0.3% MoM</li> 
 <li>CPI prices rose 2.7% YoY</li> 
 <li>Core CPI prices rose 0.3% MoM</li> 
 <li>Core CPI prices rose 3.3% YoY</li> 
</ul> 
<p>US inflation rose for the second consecutive month to 2.7%, boosting expectations for an upcoming interest rate cut later this month.</p> 
<h2 id="us-fed-could-cut-interest-rates-by-25-bps-in-december">US Fed Could Cut Interest Rates by 25 BPS in December</h2> 
<p>The CME Group’s website <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank">reveals</a> an 86.1% chance of the US Fed cutting interest rates by 25 bps on their FOMC meeting scheduled to take place on December 18.</p> 
<p>The chances for a 50 bps rate cut have dropped to 13.9%, according to the same data.</p> 
<figure id="attachment_54944" aria-describedby="caption-attachment-54944" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/12/cme-group.png"><img loading="lazy" decoding="async" class="wp-image-54944 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/12/cme-group.png" alt="CME Group data" width="1384" height="617" title="Bitcoin's Price Spikes Near $99K, Following US CPI Data 26" srcset="https://crypto.ro/en/wp-content/uploads/2024/12/cme-group.png 1384w, https://crypto.ro/en/wp-content/uploads/2024/12/cme-group-300x134.png 300w, https://crypto.ro/en/wp-content/uploads/2024/12/cme-group-1024x457.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/12/cme-group-768x342.png 768w, https://crypto.ro/en/wp-content/uploads/2024/12/cme-group-750x334.png 750w, https://crypto.ro/en/wp-content/uploads/2024/12/cme-group-1140x508.png 1140w" sizes="(max-width: 1384px) 100vw, 1384px"></a>
 <figcaption id="caption-attachment-54944" class="wp-caption-text">
  CME Group data
 </figcaption>
</figure> 
<p>Also, the Reuters press agency <a href="https://www.reuters.com/markets/us/federal-reserve-cut-rates-by-25-bps-dec-18-pause-january-2024-12-10/" rel="nofollow noopener" target="_blank">noted</a> yesterday that, according to their polls, there is a 90% chance of an upcoming 25 bps rate cut this month, hinting at a potential pause in January.</p> 
<p>Another interest rate cut could be beneficial for Bitcoin’s price, as historical data shows surges for the digital asset following similar decisions.</p> 
<p>Bitcoin remains surrounded by optimism after surging above $100,000 earlier this month, despite <a href="https://crypto.ro/en/news/yesterdays-microsoft-rejection-of-bitcoin-proposal-doesnt-rule-out-btc-investments/">earlier turmoil</a> in the crypto industry.</p>

Bitcoin’s Price Spikes Near $99K, Following US CPI Data

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