Crypto

Bitcoin, Ethereum and Dogecoin start August 11, 2022

Major tokens rose on Wednesday after the release of the consumer price index for July, indicating a slowdown in inflation. At the time of writing, the capitalization of the global crypto market has grown by 3.9% to $1.1 trillion.

Main coin performance Token price 24 hours to 7 days Bitcoin (CRYPTO:BTC) +3.9% +4.2% $23,957.31 Ethereum (CRYPTO:ETH) +8.7% +14.3% $1,851.18 Dogecoin (CRYPTO:DOGE) +2.7% +7.7% $0.07 in Top 24 Hour Revenue (data sourced from CoinMarketCap) 24 Hour Token % Change (+/ -) Price in Celsius (CRYPTO:CEL) +23.1% $2.31 Lido DAO (CRYPTO:LDO) +18% $2.68 AAVE (CRYPTO: AAVE) +12.4% $110 .60

Why is it important

Ethereum led the way up, climbing almost 9% on the day compared to Bitcoin’s 4%.

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Risk assets rose after data from the US Department of Labor showed that the overall consumer price index rose 8.5% in July from 9.1% in June. This figure is below the estimates of economists who expected growth of 8.7%. At press time, S&P 500 and Nasdaq futures were up 0.2% and 0.3%, respectively.

“Wall Street is now anticipating a change in the Fed in September, with prices reflecting a half-point gain. If inflation continues to fall, the bullish move will gain momentum,” he said. Edward MoyaSenior Market Analyst at OANDA.

“Bitcoin could rise significantly if this risky broad rally continues. Most players in the crypto space remain skeptical of the coin’s bounce since mid-June, but short-term traders could take advantage of the opportunity if BTC breaks the $25,000 threshold, allowing it to initially reach the $28,400 level,” he wrote in the report. the note that Benzinga saw.

Cryptocurrency trader Michael van de Poppe tweeted that the crypto core has rejected resistance and is expecting some consolidation between the $23,200-$23,400 levels with the trend heading towards $27,000-$28,000.

Lower inflation would “bode well” for cryptocurrencies, while the dollar index, which measures the dollar’s strength against a basket of six other currencies, pulled back immediately to channel support, the trader noted. Justin Bennett on Twitter. At press time, the dollar index was up 0.05% to 105.25.

Ratio Leash (USDT) on exchanges rose from 19.7% in early May to 42% in three months. This could be an indicator that traders have taken profits as the price of the cryptocurrency has risen, or “a sign of buying power at a two-year high,” he tweeted. Sanimentplatform for circuit and society analysis.

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