#REVABinanceTGE

Bitcoin News: Bitcoin Reaches $123,000, Ethereum Surpasses $4,500 as Inflation Data Boosts Cryptocurrency Prices

Bitcoin surged to an all-time high of $123,231, while Ethereum surpassed the $4,500 mark and Binance Coin (BNB) rose to $830 after U.S. inflation data came in line with expectations. This increase follows the July Consumer Price Index report which showed inflation remained steady at 2.7% year-over-year, below the expected 2.8%, boosting investor confidence in imminent interest rate cuts from the Federal Reserve.

The macro drivers behind the rise

Inflation Data: The Consumer Price Index remained steady at 2.7% year-over-year, with a slight increase of 0.2% month-over-month compared to 0.3% in June.

Rate Cut Expectations: CME FedWatch now shows a 93.9% probability of an interest rate cut in September, as traders anticipate the Federal Reserve easing monetary policy.

ETF Flows: Bitcoin spot ETFs recorded $65.9 million in net inflows, while Ethereum ETFs saw a record daily inflow of $1 billion, enhancing liquidity across the market.

Concurrent Risk Surge: The S&P 500 also reached a record level of 6,457, $BTC