Bitcoin, Ether soar ahead of crucial CPI data release
Share link:In this post: Bitcoin and Ether record gains of over 2% and 4%, respectively. Investors are stressing over the US CPI report which could impact Fed Reserve interest rate decisions. Ether/Bitcoin ratio drops by 37% since the Ethereum Merge on September 15, 2022.
The global digital assets market printed broad green indexes on Tuesday morning as Bitcoin (BTC) and Ethereum (ETH), gained over 2% and 4%, respectively. The surge comes ahead of the anticipated US economic data due later this week.
The cumulative crypto market cap recorded a recovery of more than 2% over the last day to stand at $2.09 trillion. Its 24-hour trading volume spiked by 36% to hit the $83 billion mark as market sentiments left the fear zone and returned to the neutral region.
Bitcoin, Ether gains momentum ahead of CPI release
BTC price has managed to reach the higher price ranges despite declining below the $50,000 zone in the first week of August. It regained the $60,000 mark on the chart but looked unable to sustain above the line.
The largest crypto by market cap surged by over 2% in the last 24 hours. Its 24-hour trading volume is up by 35% to stand at $35.9 billion. Bitcoin is trading at an average price of $59,170, as of press time.
As per Coinglass data , around $56 million worth of long and short positions set on Bitcoin price were liquidated in the last 24 hours. More than $29 million worth of liquidated bets (545) turned out to be short positions. These were the investors who expected more pain for BTC. However, the crypto rebounded from printing red indexes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Do Kwon’s extradition case goes back to Montenegrin justice minister
SEC seeks sanctions against Elon Musk over Twitter purchase
SEC greenlights listing and trading options for BlackRock's spot bitcoin ETF
The SEC approved spot bitcoin ETFs earlier this year, but had not yet approved listing and trading for options on those products.
Securitize adds Wormhole for multi-chain RWA tokens