Yahoo Finance

Bitcoin was edging higher on Wednesday, but other cryptocurrencies were having a tougher time of it ahead of a fresh batch of inflation data that could determine if the Federal Reserve will be able to cut interest rates in 2025. The broader market was struggling for direction as investors waited for the January consumer price index report, set to be published at 8.30 a.m. Eastern Time. Higher borrowing costs tend to drag on Bitcoin and other tokens, because investors able to find relatively better returns in lower-risk asset classes like the bond market.