A rally in major coins remained intact on Thursday evening as the global cryptocurrency market cap rose 3.8% to $1.09 trillion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
3.9%
3%
$23,839.99
Ethereum (CRYPTO: ETH)
5.4%
9.4%
$1,725
Dogecoin (CRYPTO: DOGE)
3%
-1.25%
$0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Oasis Network (ROSE)
+35.2%
$0.07
Ethereum Classic (ETC)
+24.5%
$40.95
Bitcoin Cash (BCH)
+22.3%
$155.63
See Also: How To Get Free NFTs
Why It Matters: Bitcoin and Ethereum spiked even as data released on Thursday showed that the U.S. economy contracted for a second consecutive quarter, falling by an estimated 0.9% between April and June, versus analyst expectations of a 0.5% gain. This can be construed as a strong signal of a recession.
The pace of economic slowdown was quicker than expected, and this could complicate the U.S. Federal Reserve’s aggressive efforts to tackle inflation, said Edward Moya, a senior market analyst for OANDA.
“The debate between a half-point and 75 basis-point increase at the September meeting will remain heated until we get the next couple of inflation reports,” wrote Moya, in a note seen by Benzinga.
On the impact on the apex coin, Moya said, …
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