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The price of Bitcoin (BTC), the leading cryptocurrency, topped the $64,000 level earlier this Wednesday.  

This came after the most recent consumer price index (CPI), which was released by the United States Department of Labor earlier today, dipped to 3.4% on a year-over-year basis. This is in line with analysts' expectations, which explains why the price of the largest cryptocurrency experienced a substantial price increase. That said, a lower CPI reading would have probably triggered a more powerful price spike.

Traders in index swaps are now leaning toward a faster pace of rate cuts after the most recent CPI data. The Federal Reserve is expected to decrease borrowing costs in September and December.  

A looser monetary policy will, of course, positively affect risk assets like Bitcoin. 

U.S. stock futures have also jumped following the inflation data,  with the S&P 500 futures adding 26 points.