Bitcoin climbs to new all-time high, UK inflation rate unexpectedly falls [Video]

Eliman Dambell Sayvio AI

Bitcoin climbs to new all-time high

The world’s largest cryptocurrency rose for a sixth consecutive session on Wednesday, with prices surging to new highs as a result.

Moves in Bitcoin have come as the NYSE listed “BITO” ETF made its market debut during Tuesday’s session, with many hopeful that there could be similar ETFs to follow.

This optimism has reinvigorated mainstream bulls, who have been muted in recent months, after Elon Musk and Tesla pulled out of the Cryptocurrency space.

However today, both Bitcoin and Ethereum rallied to new feats, with BTCUSD trading at an intraday high, and record price of $66,923.

ETHUSD on the other hand hit a new all-time high of $4,077.

UK inflation rate unexpectedly falls

In the United Kingdom, figures released today showed that inflation rates marginally declined last month.

Data from the Office for National Statistics reported that rose by 3.1% in September, versus expectations for a 3.2% increase.

Despite the marginal gains, many still believe that the Bank of England will still move to hike rates in November.

GBPUSD hovered around 1-month lows on the news, hitting an intraday high of 1.3824.

Meanwhile, London’s FTSE 100 closed the session marginally higher.

Visit here to see raw, real-time ECN spreads

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD breaks below 1.1800, two-week lows

EUR/USD’s selling pressure is gathering pace now, breaching below the key 1.1800 yardstick to hit new two-week troughs on Wednesday. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and ahead of the publication of the FOMC Minutes.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.