Crypto Markets See Moderate Gains as US Inflation Hits 3%

Crypto markets saw a moderate rally on Friday, Oct. 24, after fresh U.S. economic data showed that annual inflation rose to 3% for the first time since January, reinforcing bets that the Federal Reserve will cut interest rates next week.

Bitcoin (BTC) climbed 2% to briefly reach over $111,500 before retracing slightly, while the total crypto market capitalization rallied 1.5% to reach $3.85 trillion, according to CoinGecko.

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