Bitcoin Tops $20K as Inflation Expectations Slide, Hopes for 2023 Rate Cut Persist

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Bitcoin Tops $20K as Inflation Expectations Slide, Hopes for 2023 Rate Cut Persist
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Bitcoin, ether rally as sliding inflation expectations revive hopes for a 2023 Fed rate cut. reports godbole17

Major cryptocurrencies bounced early Friday as traditional market investors shrugged off Federal Reserve Chairman Jerome Powell's pro-liquidity tightening stance.

MSCI's broadest index of Asia-Pacific shares except Japan jumped 0.3%. The futures tied to the S&P 500 rose 0.3%, hinting at an extension of a two-day rally, while the European stock futures signaled a positive open. The dollar index dropped 0.7% to 108.80, signaling continued weakness in the greenback.

"The bounce is not surprising," Ardern said."Aside from lead indicators signaling lower inflation, the European Central Bank's decision toGlobal container freight rates slipped to 16-month lows early this week, nearly halving from their 2021 peak in a sign of easing supply chain issues.

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