Bitcoin and other major cryptocurrencies rose Wednesday, brushing off hotter than expected inflation, as the global cryptocurrency market cap rose 4.6% to $902.7 billion.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
5%
-1.1%
$20,276.06
Ethereum (CRYPTO: ETH)
7.2%
-5.9%
$1,114.21
Dogecoin (CRYPTO: DOGE)
3.8%
-9.5%
$0.06
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Lido DAO (LDO)
+46.6%
$0.9
Convex Finance (CVX)
+19.7%
$6.2
Curve DAO Token (CRV)
+18.3%
$1.05
See Also: Best Crypto Debit Cards
Why It Matters: Inflation in the United States rose more than anticipated in June, according to data released on Wednesday.
Consumer Price Index (CPI) rose 9.1% on a year-over-year basis compared with the 8.8% anticipated rise. Last month the figure was at 8.6%.
Cryptocurrencies moved in the opposite direction to stocks at press time. S&P 500 and Nasdaq futures traded 0.45% and 0.55% lower, respectively, ahead of key earnings releases from U.S. banks.
The soaring inflation means that a rate hike of 75 basis points is now expected, but the U.S. Federal Reserve could push the rate higher by even a full 100 basis points.
“The Fed might need to consider a full point rate hike at the end of …
Full story available on Benzinga.com