The cryptocurrencies close the week with an upward trend, with Bitcoin, the market leader, climbing 1% on the day to approaching $58,000, despite disappointing US inflation data, amid expectations of easing of US monetary policy.
In this context, of the 10 most traded cryptocurrencies, the most silent advances respond to XRP (+5.7%), and Cardano (+5.1%). Meanwhile, Ethereum registers a rise of 1% and stands at US$3,131.
“Bitcoin is ending the week on a positive note. After a previous weekend where it saw falls to $53,500, it is now trading around $58,000. That is, from the lowest point of the last week, it has increased by almost 10%,” They commented to Ambit from Buenbit.
Bitcoin continues its upward path and, after the recent declines, the market believes that a clear buying opportunity has appeared to continue accumulating holdings. “On the platform, we have had a notable increase in trading volume driven by Bitcoin on down days. We believe that users and the general cryptocurrency investor are increasingly confident about the future of the industry and its projection in the medium and long term.”they stressed from Buenbit.
A colorful fact, but still striking, were the publications of the soccer star Lionel Messi advertising a memecoin from the network Solana. “That a person like him does this shows the penetration that cryptocurrencies have had. It is also not a coincidence that it was with a memecoin, which are so fashionable, and from the Solana network,” Buenbit said.
Let’s remember that Solana is one of the main altcoins, with great growth in the last year and a lot of projection. From Buenbit, they said that they offer returns of up to 4.20% APY, buying/selling and deposits/withdrawals through the network. In addition, “we bet on its ecosystem and we also added WIF, one of the main memecoins of this network,” they concluded.
US inflation data
The U.S. producer price index rose 0.2 percent on a monthly basis in June, more than expected, according to data from the Labor Department. However, Friday’s data was not bad enough to overshadow Thursday’s benign Consumer Price Index (CPI) report, which boosted expectations of interest rate cuts by the Federal Reserve, analysts said.
The US Consumer Price Index (CPI) fell to 3% year-on-year from 3.3% in May, according to data released by the US Bureau of Labor Statistics. Meanwhile, core inflation, which excludes food and energy, eased slightly to 3.3% from 3.4% previously.
Both figures have fallen below consensus expectations. The market had expected that overall inflation would stand at 3.1%, while the core variable would remain at 3.4%.
In monthly terms, the general CPI fell by 0.1% in the sixth month of the year, also below the estimates made by analysts and recorded last month. In the case of the underlying rate, it has eased by 0.1%, less than the 0.2% of May.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
