Global Markets Rebound As Bitcoin Surges Amid CPI Report

According to PANews, Singapore-based crypto investment firm QCP Capital reported a global market rebound following a lower-than-expected Consumer Price Index (CPI) report, easing inflation concerns. Bitcoin surged by 4.13%, reaching a peak of $100,800 before stabilizing just below $100,000. Stock markets also showed optimism, with the S&P 500 rising by 1.83% and the Nasdaq increasing by 2.27%. Both Bitcoin and Ethereum spot ETFs experienced healthy inflows, with Bitcoin spot ETF inflows reaching an impressive $723.2 million. This rapid recovery in inflows reflects strong institutional demand, suggesting a promising outlook for the cryptocurrency market. In the options market, Bitcoin's January call options dominated, with traders increasingly bullish, purchasing contracts with strike prices between $100,000 and $110,000. As we move into March, the highest open interest is at the $120,000 strike price, indicating positive sentiment. This trend raises the question of whether an altcoin season is approaching. Bitcoin's market dominance fell from 58.6% to 57.4%, as profits flowed into Ethereum and other altcoins, which are expected to perform better. For an altcoin season to be confirmed, Bitcoin's market dominance needs to drop below the 57.3% support level while its price remains around $100,000.