The other day, Bitcoin, Ethereum, and more digital assets’ prices jumped after the inflation report was released. Check out the latest news about the crypto market below.
Bitcoin and Ethereum prices jump
It’s been just revealed that the top two leading digital assets are rallying after a better-than-expected inflation report surprised the crypto markets.
As the online publication the Daily Hodl notes, there is new data from the U.S. Bureau of Labor and Statistics that reveals that the Consumer Price Index (CPI), which broadly measures the changes in prices paid by consumers for goods and services minus food and gasoline, rose just 0.4% over the last month. It’s also worth noting the fact that it went up by 7.7% over the last year.
News of the CPI results sent Bitcoin (BTC) and Ethereum (ETH) skyrocketing, as the tokens saw 14% and 23% increases, respectively.
Analyst Michael van de Poppe says investors should remain patient and see how the digital assets market further responds to the recent collapse of prominent crypto exchange platform FTX.
“Nasdaq up 5.5% as CPI drops heavily. Yields fall off a cliff. [US Dollar index is] tanking as well. Bitcoin should be at $25,000 right now. Patience [is] required as FTX just happened, and [we] need to see how [the] coming 48 hours develop.”
Bitcoin price prediction is out amidst the crypto markets meltdown
It’s been just revealed that there is a crypto strategist who accurately nailed the 2018 Bitcoin (BTC) bear market low. Now, he is mapping out what’s ahead for the king crypto after it reached fresh 2022 lows.
Pseudonymous analyst Smart Contracter just said that Bitcoin may be near a final low after it printed a new bear market bottom of around $15,700.
According to the strategist, BTC may have finally fallen enough to begin a long-term reversal.
“The first stage of the sweep [is done]. Now we wait patiently for price to close back into the prior breakdown range on daily timeframe and go all in.”