BTC - Why Bitcoin and Other Major Cryptos Were Surging Today
2024-07-15 18:18:01 ET
The recent rally in cryptocurrencies stretched into Monday, with many coins and tokens continuing to motor higher in price.
Among these gainers were members of the "big three," in other words eternal market leader Bitcoin (CRYPTO: BTC) , which as of late afternoon trading was up by nearly 6% over the past 24 hours. This performance was eclipsed by that of Ethereum (CRYPTO: ETH) and its 7% gain, not to mention meme crypto Dogecoin (CRYPTO: DOGE) , with a rise of almost 8%.
A major impetus for the current rally is the latest Consumer Price Index (CPI) data published by the government's Bureau of Labor Statistics. In a happy surprise, both headline and "core" CPI figures came in well under most economists' projections, indicating that inflation could be in serious retreat. This bodes well for a Federal Reserve interest rate cut or several; lower rates are generally beneficial for assets considered high risk -- like cryptos.
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Why Bitcoin and Other Major Cryptos Were Surging Today