Crypto Market Rises as Softer US Inflation Eases Rate Concerns
Major cryptocurrencies were up ahead of Wednesday's United States session as weaker-than-expected inflation data reduced expectations that the Federal Reserve would raise interest rates at its July policy meeting, boosting demand for risk-sensitive assets. Bitcoin (BTC-USD) increased 3.4% to about $64,773 in early North American morning trading on Wednesday, while ether (ETH-USD) increased 53% to $1,883. Ripple's XRP (XRP-USD), the sixth-largest crypto by market cap, traded around $1.10, up 3.8%, while Binance Coin (BNB-USD), the fourth-largest cryptocurrency by market cap, rose by 1.5% to trade at $578. The global cryptocurrency market capitalization increased 311% to $2.22 trillion. US annual consumer inflation slowed to 3.5% in June from 4.2% in May, while core CPI was unchanged following a 0.2% monthly increase, leading traders to largely rule out a July rate hike and helping bitcoin rebound from recent losses driven by renewed geopolitical tensions. In Wednesday's premarket activity, spot Bitcoin exchange-traded funds were mostly up, led by Grayscale Bitcoin Mini Trust ETF (BTC) and iShares Bitcoin Trust ETF (IBIT), both up 0.3%. Only the CoinShares Bitcoin ETF (BRRR).
Major cryptocurrencies were up ahead of Wednesday's United States session as weaker-than-expected inflation data reduced expectations that the Federal Reserve would raise interest rates at its July policy meeting, boosting demand for risk-sensitive assets.
Bitcoin (BTC-USD) increased 3.4% to about $64,773 in early North American morning trading on Wednesday, while ether (ETH-USD) increased 53% to $1,883.
Ripple's XRP (XRP-USD), the sixth-largest crypto by market cap, traded around $1.10, up 3.8%, while Binance Coin (BNB-USD), the fourth-largest cryptocurrency by market cap, rose by 1.5% to trade at $578.
The global cryptocurrency market capitalization increased 311% to $2.22 trillion.
US annual consumer inflation slowed to 3.5% in June from 4.2% in May, while core CPI was unchanged following a 0.2% monthly increase, leading traders to largely rule out a July rate hike and helping bitcoin rebound from recent losses driven by renewed geopolitical tensions.
In Wednesday's premarket activity, spot Bitcoin exchange-traded funds were mostly up, led by Grayscale Bitcoin Mini Trust ETF (BTC) and iShares Bitcoin Trust ETF (IBIT), both up 0.3%.
Only the CoinShares Bitcoin ETF (BRRR).