Ethereum Rallies 23%, Bitcoin Jumps 14% Above 24-Hour Lows As Markets React to Surprise Report on Inflation
The top two leading digital assets are rallying after a better-than-expected inflation report surprised the crypto markets.
New data from the U.S. Bureau of Labor and Statistics reveals that the Consumer Price Index (CPI), which broadly measures the changes in prices paid by consumers for goods and services minus food and gasoline, rose just 0.4% over the last month and 7.7% over the last year.
Both figures are lower than anticipated.
According to a recent report by CNBC, Dow Jones researchers had previously predicted the CPI would rise by at least 0.6% during the last month and 7.9% year over year.
News of the CPI results sent Bitcoin (BTC) and Ethereum (ETH) skyrocketing, as the tokens saw 14% and 23% increases respectively. The top crypto asset by market cap went from a 24-hour low of $15,663 to a high of $17,898 while the leading smart contract platform went from a day-low of $1,087 to $1,330 at time of writing.
However, popular crypto trader and analyst Michael van de Poppe tells his 640,000 Twitter followers that the king crypto should be rallying even harder due to the less-than-projected inflation rates.
He says investors should remain patient and see how the digital assets market further responds to the recent collapse of prominent crypto exchange platform FTX.
“Nasdaq up 5.5% as CPI drops heavily.
Yields fall off a cliff. [US Dollar index is] tanking as well. Bitcoin should be at $25,000 right now.
Patience [is] required as FTX just happened and [we] need to see how [the] coming 48 hours develop.”
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The post Ethereum Rallies 23%, Bitcoin Jumps 14% Above 24-Hour Lows As Markets React to Surprise Report on Inflation appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
