Bitcoin surged in Thursday trading after Federal Reserve Governor Christopher Waller said he supported an interest rate hike of 75 basis points (0.75pcage point) in July, easing fears of a larger 100 basis-point raise to combat high inflation. The largest cryptocurrency by market capitalization was trading at around $2,680, up 4.8pc in the past 24 hours. Traders of Federal funds on the CME exchange now see a 56pc likelihood that the Federal Reserve will raise the target interest rate by 75 basis points to a range of 2.25pc-2.5pc this month. A day earlier, the odds were seen at 20pc after an unusually hot Consumer Price Index reading for June prompted traders to shift their bets to a 100 basis-point increase. VGX, the native token of bankrupt crypto lender Voyager Digital, tripled in price over three days in a short squeeze, reaching a high of 95 cents on July 13. An unknown firm named MetaFormLabs contributed to VGX’s rally, tweeting about a “#PumpVGXJuly18” plan with a $5 target price point for July 18.
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