Bitcoin Price Hits $24,000, Ethereum Hits 2-Month High as US Inflation Declines
Weaker-than-expected inflation data triggers instant rally in crypto as US Dollar pays the price.
Market Update
Bitcoin (BTC) rallied back to $24,000, but failed to hit new multi-month highs on August 10 as US inflation appeared to ease.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after US Consumer Price Index (CPI) data for July showed a slowdown from to the previous month.
Despite managing $24,179 on Bitstamp, BTC/USD hasn't attracted enough momentum to challenge yesterday's levels.
Nevertheless, traders' relief was palpable, as falling inflation should signal to the Federal Reserve that less aggressive interest rate hikes are needed going forward. This in turn should reduce pressure on risky assets, including crypto.
Year-on-year CPI inflation came in at 8.5%, 0.2% lower than expected, while month-on-month the figure remained unchanged from June.
Over to you Sir Powell, you know what to do. pic.twitter.com/qwMbdtriNm
— Arthur Hayes (@CryptoHayes) August...
Weaker-than-expected inflation data triggers instant rally in crypto as US Dollar pays the price.
Market Update
Bitcoin (BTC) rallied back to $24,000, but failed to hit new multi-month highs on August 10 as US inflation appeared to ease.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after US Consumer Price Index (CPI) data for July showed a slowdown from to the previous month.
Despite managing $24,179 on Bitstamp, BTC/USD hasn't attracted enough momentum to challenge yesterday's levels.
Nevertheless, traders' relief was palpable, as falling inflation should signal to the Federal Reserve that less aggressive interest rate hikes are needed going forward. This in turn should reduce pressure on risky assets, including crypto.
Year-on-year CPI inflation came in at 8.5%, 0.2% lower than expected, while month-on-month the figure remained unchanged from June.
Over to you Sir Powell, you know what to do. pic.twitter.com/qwMbdtriNm
— Arthur Hayes (@CryptoHayes) August...What's Your Reaction?
