Why is crypto rising today after record US CPI inflation data?
— Record, Data, Prices, Inflation, Rising, Market, Crypto, Rise, Ethereum, Fear — 1 min read
The global cryptocurrency market cap has increased nearly 5% over the last day to $934 billion. The prices of several top cryptocurrencies, including Bitcoin and Ether, have also jumped in the last 24 hours. The CPI-based inflation data in the US reached a new 40-year high of 9.1%. Experts say the markets would have to sustain the momentum to regain investors’ trust and rise further. Today’s surge in cryptocurrency prices may be short-lived as the overall market sentiment remains in the “Extreme Fear” zone, according to the Crypto Fear & Greed Index. The interest rate hike in the U.S. may be higher to tame inflation to tackle high inflation, experts say. The market sentiment is seemingly diving deeper into the fear zone Source