India, Aug. 13 -- A surge in Fed rate cut expectations in the aftermath of the U.S. CPI data release on Tuesday bolstered sentiment for cryptocurrencies. The gains coincided with a decline in the Dollar Index, an easing in sovereign bond yields, a record high level of public debt in the U.S. as well as a rally in Wall Street. Ethereum dazzled with a surge to $4,734.45, not far from the all-time high of $4,891.70 recorded on Nov 16, 2021.
The CME FedWatch tool that tracks the expectations of interest rate traders shows rate cut expectations for the September FOMC rising to an overwhelming 99.9 percent from 93.9 percent a day earlier. Expectations of a rate cut in October has increased to 100 percent from 97.8 percent a day earlier.
In data...