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Bitcoin Crosses Above $101K as XRP, AI Tokens Lead Crypto Rally Following CPI
Wednesday morning's in line U.S. inflation data seemingly cleared the way for a Fed rate cut next week.
Updated Dec 11, 2024, 4:52 p.m. Published Dec 11, 2024, 4:50 p.m.
What to know:
- Bitcoin recovered from declines earlier in the week, retaking the $101,000 level during U.S. morning hours on Wednesday.
- Ripple's XRP continued an upward move begun yesterday after regulatory approval for the RLUSD stablecoin.
- AI-related tokens were among the larger gainers, perhaps boosted by a report that Apple is working on an AI chip with Broadcom.
The crypto market is in recovery mode on Wednesday following a cascade of selling earlier in the week that for now appears to have flushed out much of the long leverage.
The move higher comes alongside a sizable rally in the U.S. stock market following this morning's Consumer Price Index report that matched economist forecasts. The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week. The Nasdaq is ahead 1.5% and the S&P 500 just shy of 1%.
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After having fallen to as low as $94,100 at one point earlier this week, bitcoin has recovered to $101,000, up more than 6% over the past 24 hours. The broader CoinDesk 20 Index is ahead nearly 11% over that same time frame, led by XRP's 15% advance.
Read more: XRP Rallies as Ripple's Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says
Also among top performers today are AI-related tokens, perhaps buoyed by a report in The Information that Apple (AAPL) is working with Broadcom (AVGO) on an AI chip.
NEAR Protocol , and Render (RENDER) are all up by 15% or more over the past 24 hours.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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