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Cryptocurrency Marginally Bullish, Bitcoin Gains To US$ 24,200, At 2 Months High Today

oi-Kuntala Sarkar |

Cryptocurrencies are very volatile assets, and investors should be aware of the current market trend, before investing in the asset. With a marginally bullish trend, today, till 6.15 pm UTC, Bitcoin gained by 1.05% and was quoted at US$ 24,200.90, in intra-day trading. Yesterday, Bitcoin closed at US$ 23,948.90. In the last 5 days, Bitcoin gained by 5.40%, in the past 1 month, Bitcoin has been up by 21.35%. After the US CPI Inflation data for July was published with a better than estimated status, major cryptos went bullish. In July US CPI stood at 8.5% YoY.

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Also read : Crypto wrap: Market participants coming out of bear phase, experts suggest

Most of the large cryptocurrencies have surged today in intra-day trading. Ether was quoted at US$ 1,880.44, up by 1.42%. Yesterday, Ether closed at US$ 1,854.05. Litecoin was quoted at US$ 62.29, up by 1.10%, and Dogecoin was quoted at US$ 0.0713 up by 0.063%, however, Cardano was quoted at US$ 0.5354 fell by 0.37% today, till last traded.

Bitcoin has surged by 6.5% to $24,500 since the publication of the US CPI data. On Thursday, during the early trading hours, Bitcoin reached a high of $24,744, which is its highest price since June 13. According to a CoinDesk report, “Bitcoin (BTC) is rallying after Wednesday’s US economic data offered hope that rampant inflation might have peaked and that the Federal Reserve will slow liquidity tightening in the months ahead. According to some analysts, however, those hopes may be misplaced and those dreaming of a steady bull run may be disappointed. The U.S. consumer price index surged 8.5% in July from a year ago, matching June’s pace but falling below the average estimate of 8.7%, according to the economists surveyed by FactSet. Core inflation, which strips out food and energy prices, rose 5.9%, compared with expectations of a 6.1% increase.”

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