Bitcoin, Ethereum Move Higher Following Inflation Data; Conflux Emerges As Top Gainer
Portfolio Pulse from Lisa Levin
Bitcoin and Ethereum traded higher following the release of US inflation data, which eased to 3% in June. Conflux was the top gainer over the past 24 hours, while Wrapped Bitcoin was the biggest loser. The global crypto market cap rose to $1.19 trillion, recording a 24-hour gain of 0.9%.
July 12, 2023 | 1:43 pm
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NEGATIVE IMPACT
Wrapped Bitcoin was the biggest loser over the past 24 hours.
Wrapped Bitcoin's price dropped significantly over the past 24 hours, making it the biggest loser in the crypto market. The specific reasons for this drop are not mentioned in the article.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Bitcoin traded higher following the release of US inflation data.
Bitcoin's price is often seen as a hedge against inflation. The easing of US inflation likely boosted investor confidence, leading to a rise in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Conflux was the top gainer over the past 24 hours.
Conflux's price rose significantly over the past 24 hours, making it the top gainer in the crypto market. The specific reasons for this rise are not mentioned in the article.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum also traded higher following the release of US inflation data.
Like Bitcoin, Ethereum's price is often influenced by macroeconomic factors such as inflation. The easing of US inflation likely boosted investor confidence, leading to a rise in Ethereum's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100