Global markets show positive signs as Consumer Price Index (CPI) point towards reviving the economy.
After the US Bureau of Labor Statistics released CPI data for July 2022, the second largest crypto, Ethereum (ETH) jumped by a whopping 10.7%. The data came out to be less than expected, which points to a decrease in the rising prices over the past month which was directly impacted by the crude oil prices.
After the US Bureau of Labor Statistics released CPI data for July 2022, the second largest crypto, Ethereum (ETH) jumped by a whopping 10.7%. The data came out to be less than expected, which points to a decrease in the rising prices over the past month which was directly impacted by the crude oil prices.
Bitcoin has taken a jump by around 6%. BTC also crossed the crucial $24.5k price support and reached $24,768, before coming down to $24,300, while Ethereum (ETH) crossed the support level of $1,900. However, at the time of writing this article, BTC and ETH are trading at $23,950 and $1,895 respectively.
As it is known that inflation is at its peak in the US and the federal reserve has announced rate hikes in the past few months to take control of the inflation. After the CPI of the previous month came out to be less than expected, investors got a relief sign and we've seen a jump in the market in recent days. However, it might take some more time to actually get the market in a bullish trend.
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