Cryptocurrency Prices Hold Steady Despite Rise in Inflation
Cryptocurrency prices remain stable despite a recent report showing a resurgence in inflation. The Consumer Price Index (CPI) rose 3.2% in the 12 months through July, slightly lower than expected. On a month-to-month basis, consumer prices increased by 0.2% in July, driven mainly by rising shelter prices. Despite this, Bitcoin and Ethereum were unaffected, maintaining their value around $29,600 and $1850, respectively. Other coins, such as Dogecoin and Solana, increased by less than 1%. Experts believe that CPI reports are becoming less relevant for the crypto market and that the worst of inflation may be behind us.
Key Points:
- CPI rose 3.2% in the 12 months through July, slightly lower than expected.
- On a month-to-month basis, consumer prices increased by 0.2% in July.
- Bitcoin and Ethereum remained stable despite the CPI report.
- CPI reports are becoming less relevant for the crypto market.
- Experts believe the worst of inflation may be behind us.
Hot Take:
The recent CPI report showing a rise in inflation did not significantly impact cryptocurrency prices. This suggests that the crypto market may be less influenced by traditional economic indicators. As the Federal Reserve continues its fight against inflation, it will be interesting to see how crypto prices respond to future CPI reports and the Fed’s monetary policy decisions.
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