As expected, the US inflation data ended up boding well in the markets as it dismisses the idea that the Federal Reserve will continue raising interest rates.
The cryptocurrencies go up after him US inflation data. Bitcoin (BTC) rises 2% in the last 24 hours and recovers $28,300. Ethereum, for its part, rises 2.1% on its way to $1,900. For their part, the rest of the cryptocurrencies are advancing in the same vein.
It worst of the ‘memecoin’ ‘crisis’ seems to be over. Different data providers indicate that the congestion caused in the Bitcoin network has eased, with pending transactions falling below 400,000 compared to the more than 500,000 registered during the worst moments. Also, transaction fees have fallen to as low as $5 after reaching $20 at the height of the crisis.
“Following the sell-off, bitcoin, while still risky, appears to be benefiting from both its traditional and emerging role as a store of value during lower rates,” said Callie Cox, an analyst at eToro.
The impact of the inflation data
As expected, the US inflation data ended up boding well in the markets as it dismisses the idea that the Federal Reserve will continue raising interest rates.
For his part, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, believes that regardless of the reading, it is important to note that “inflation expectations are falling” and plays in favor of the slowdown in prices.
Source: Ambito
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