Cryptocurrencies swept with solid gains

Most cryptocurrencies gained ground on Thursday as the risk appetite rebounded ahead of important US inflation data. 

The Federal Reserve remains cautious about amending interest rates, with a laser focus on bringing inflation towards 2%, while US consumer prices data for April are awaited next week. 

According to the Fedwatch tool, there’s a 91.3% chance the Federal Reserve will maintain interest rates unchanged at the June meeting, and a 66.9% chance of no change in the July meeting, and a 49.7% chance of no change in September. 

Similarly, the Bank of England announced no changes in interest rates today at 5.25%, remaining at 16-year highs for the sixth meeting in a row. 

UK inflation registered 3.2% in March, still far from the 2% official target. 

The BOE expects inflation to average 2.5% this year, down from 2.75% in previous forecasts. 

At his post-meeting press conference, BOE Governor Andrew Bailey said that an interest rate cut before the upcoming general elections isn’t ruled out. 

Ethereum

On trading, ethereum rose 1.2% today as of 21:12 GMT at Coinmarketcap to $3026.1.