Breaking: BTC, ETH Skyrockets As Inflation Data Shows Cooling Economy

U.S. Bureau of Labor Statistics Consumer Price Index (CPI) issued the most awaited Consumer Price Index (CPI) data for the month of July. The positive CPI data has left the biggest crypto green. Bitcoin (BTC) and Ethereum (EHT) both have jumped by over 3%.

Bitcoin surges over positive CPI

The price that customers pay for goods and services rose 8.5% in July from a year ago. The latest data forms to be less than the expected rate. This signals a slowdown in the rising prices over the past month which was directly impacted by the gasoline price.

Since the announcement, Bitcoin (BTC) prices have surged by more than 3%. BTC breached the crucial $24k price level.

However, the second largest crypto, Ethereum (ETH) jumped by a whopping 6% after the release of positive CPI data. ETH is trading at an average price of $1,822, at the press time.

According to the report, prices were flat on a monthly basis as the energy price broadly dropped to 4.6%. However, The oil price dropped 7.7%. This has balanced an over 1.1% monthly gain in food prices. While a 0.5% increase has been registered in shelter costs.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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