Bitcoin Price Reacts to Inflation Data and Fed Expectations

Bitcoin's price has rebounded as U.S. President Joe Biden expressed optimism about a potential rate cut by the end of the year, following a recent CPI report showing inflation at 3.5% in March. The wider crypto market also saw gains, with the market cap of all cryptocurrencies rising to $2.77 trillion and the top 10 cryptocurrencies showing positive movement. Despite high inflation rates, the U.S. Federal Reserve's reluctance to cut interest rates may lead investors to traditional safe havens like treasury bonds, rather than volatile assets such as crypto and stocks.