The BTC price rose before this week's U.S. CPI report.

Shares of publicly traded Bitcoin BTC tickers down $17,219 miners surged on Jan. 9 as traders piled into equity markets amid growing bets the U.S. Federal Reserve would soon be able to relax its fight against inflation.

Riot Blockchain (RIOT), Hut8 (HUT), Bitfarms (BITF), Marathon Digital Holdings (MARA), and others posted double-digit intraday gains.

The rally coincided with an uptick in equity markets, with the S&P 500 Index rising 1% and the Nasdaq climbing 2% before paring gains.

The U.S. Consumer Price Index report later this week is expected to show continued cost moderation. Job creation and wage growth slowed in December, suggesting the Federal Reserve's rate-hike campaign is working.

Bloomberg reports traders expect the Fed funds effective rate to peak below 5%, down from 5.06% after the Jan. 6 nonfarm payrolls report. Fed Fund futures prices suggest less aggressive rate hikes ahead.

The Bitcoin mining stock rally may also be due to short covering in a low-liquidity market. Short covering begins a rally when traders buy an asset they shorted earlier.

Contagion has spread to the mining sector after Bitcoin's price fell 75% peak-to-trough and several crypto firms went bankrupt. Core Scientific, one of the largest BTC miners by computing power, filed for bankruptcy in December. New York Digital Investment Group gave mining company Greenridge $74 million to restructure.

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