The CPI is a measure of inflation in the U.S. that accounts for the price of a weighted average market basket of goods and services purchased by households. Changes in the CPI track changes in prices over time. In July the CPI increased 8.5%, still high but lower than the 8.7% rate that most analysts had predicted and an improvement on June’s 9.1% inflation rate. The June reading represented a four-decade high.
BTC’s increase more than reversed its 3% decline from the previous day. Altcoins also rose. Ether (ETH), the second-largest crypto by market cap behind bitcoin, recently rose more than 8%. AVAX increased 5%. MATIC and LINK rose 3% and 5%, respectively.
Traditional markets jumped on the CPI news, with the Dow Jones Industrial average (DJIA), S&P 500 and tech-heavy Nasdaq 100 increasing 1.6%, 2.1% and 2.9%, respectively.
In energy markets, the price of crude oil increased 1.2%, while that of natural gas rose 5.4%. Gold, which is often viewed as a hedge against inflation,...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...