Bitcoin recovered $95,000 for the first time in two months. Ethereum, the No. 2 by market capitalization, also rose about 8%.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8:20 a.m. on the 14th, Bitcoin was at $95,559, up 4.91% from 24 hours earlier. It is the first time in two months, since November last year, that Bitcoin has topped $95,000.
Ethereum is also transaction at $3,331, up 7.84%. Ripple is at $2.17, up 6.44%, and Binance Coin is at $945, up 4.57%.
The surge in virtual asset prices is seen as stemming from easing U.S. inflation, which is boosting expectations for interest rate cuts. The U.S. core consumer price index (CPI) for December rose 0.2% from the previous month and 2.6% from a year earlier, below analysts' forecasts of 0.3% and 2.7%, respectively. With inflation easing, market expectations have grown that the Federal Reserve (Fed) will cut rates going forward.