Bitcoin Surpasses $3,200 Following PCE Inflation Data; Wormhole Emerges As Top Gainer
Portfolio Pulse from Avi Kapoor
Bitcoin and Ethereum saw gains, trading above $64,000 and $3,100 respectively, following higher-than-expected PCE inflation data for March. Wormhole emerged as the top gainer, while EOS was the biggest loser in the crypto market, which overall rose to a $2.36 trillion cap.
April 26, 2024 | 1:40 pm
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POSITIVE IMPACT
Bitcoin traded above the $64,000 level, showing a 0.3% increase following the PCE inflation data release.
The rise in Bitcoin's price can be attributed to the higher-than-expected PCE inflation data, indicating investors might be turning to cryptocurrencies as a hedge against inflation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ethereum saw a rise, trading above $3,100 with a 0.6% increase on the back of the PCE inflation data.
Ethereum's price increase is likely influenced by the same inflation data that boosted Bitcoin, as investors seek value in major cryptocurrencies.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
EOS experienced a 5.9% drop, making it the biggest loser in the crypto market following the PCE inflation data announcement.
EOS's significant drop could be due to market reactions to the inflation data, possibly indicating a shift in investor preference towards other cryptocurrencies.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80