Bitcoin surges past $84,000 on US inflation data, Fed policy; What’s next for crypto market?

World’s biggest cryptocurrency Bitcoin surged past $84,000 on Wednesday after U.S. inflation data revealed a sharper-than-expected decline, reinforcing hopes that the Federal Reserve may ease monetary policy sooner than anticipated.

The U.S. Consumer Price Index (CPI) increased by 2.8 per cent year-over-year in February, a decline from the 3 per cent growth recorded in January and falling short of the anticipated 2.9 per cent, as reported by the U.S. Bureau of Labor Statistics.