Bullish Crypto, Bitcoin Up 3.34%, Ether Up 7.72% Intraday: US inflation At 8.5% In July

Assets like cryptocurrencies, gold, and silver are showing sharply bullish today, after the publication of US CPI inflation data, at an 8.5% YoY gain in July. This has shown a better than expected number. In the earlier month, the headline inflation stood at a 9.1% YoY gain. Today, till 6.05 pm UTC, Bitcoin gained by 3.34%, and was quoted at US$ 23,923.60, in the intra-day trading. Yesterday, Bitcoin closed at US$ 23,150.90. In the past 1 month, Bitcoin has been up by 14.75%, and, the asset has been up by 2.73% in the last 5 days. Additionally, the US dollar index also dropped to 105.06, falling by 1.24% till last traded, helping the assets to surge.

Following the same trend, other cryptocurrencies also gained. Ether was quoted at US$ 1,834.08, up by 7.72%. Yesterday, Ether closed at US$ 1,702.67. Litecoin was quoted at US$ 61.89, up by 4.46%, Dogecoin was quoted at US$ 0.0707 up by 2.34%, and Cardano was quoted at US$ 0.5339 up by 3.95% today, till last traded.

Analyst's opinion

"I think the market will continue to find confidence in the Fed staying on track with its proposed increases to the interest rates at the September meeting and we will continue to see our relief rally pick up steam in the crypto market," stated Howard Greenberg, cryptocurrency educator at Prosper Trading Academy, as reported by CoinDesk. The News platform added in the same report, "Traders are now betting on a 65% chance that the Fed will hike interest rates by 50 basis points in September, compared with 32% just one day ago, according to the CME FedWatch Tool. Recently, traders had been seeing a 75 bps hike as the likelier scenario after the jobs report last week showed that the economy is still in very good shape to sustain more rate hikes. Several central bankers have signaled that they will continue to tighten until they see inflation come down significantly."