Bitcoin soared to $76,000 on Binance on Monday as investors flooded into the digital asset ahead of pivotal global macro events such as US inflation numbers, the Federal Reserve’s latest ‘dot plot’ and the Bank of Japan’s policy decisions.
The largest digital asset was trading at around $75,157 at press time, its highest since early February, after reclaiming the $74,000 level earlier in the day.
The profits were spread across several major tokens. Ethereum is up about 17% in the past 24 hours, while privacy-focused token Zcash is up about 20%. XRP rose 14% to nearly $1.6, while Solana rose 12% to about $96.
Lower-end tokens such as Artificial Superintelligence Alliance (FET), Pepe, and MemeCore (M) also performed well.
The rise in prices pushed the market capitalization of digital assets up 4% in the past 24 hours to about $2.6 trillion.
Despite the rise in digital assets, sentiment remains cautious.
According to data from Alternative.me, the Cryptocurrency Fear and Greed Index remains in the “fear” zone, but has rebounded from last week’s “extreme fear” reading.
Macro compression creates a volatility window
Investors are keeping an eye on upcoming inflation statistics and monetary policy signals from major central banks.
The U.S. Producer Price Index will be released Wednesday morning, providing the latest measure of factory inflation following last week’s consumer price report.
Economists are monitoring whether rising energy costs related to tensions in the Middle East are reflected in producer prices.
The Fed is expected to announce its latest policy decision later Wednesday. The central bank is widely expected to keep interest rates on hold.
Markets will instead look to the central bank’s latest economic forecast summary for clues as to whether officials still expect a rate cut in late 2026.
Chairman Jerome Powell is scheduled to hold a press conference immediately after releasing the policy statement.
The Bank of Japan is expected to announce its policy decision in the United States later Wednesday.
The central bank is expected to keep interest rates at around 0.75%, but traders are watching for signals that policymakers may consider raising rates to around 1% later this year as the yen continues to weaken and global inflation pressures persist.
Disclosure: This article was edited by Vivian Nguyen. Please see our Editorial Policy for more information on how we create and review content.
