- The US inflation rate fell from 9.1% in June to 8.5% in July.
- Both Bitcoin and Ethereum shot up in price during this time.
- Ethereum (ETH) continues to recover much faster than Bitcoin (BTC).
It seems cryptocurrencies are on the rise again. According to US CPI data, the reason could be in thanks to falling inflation rates. In particular, it looks like the US inflation rate fell from 9.1% in June to 8.5% in July.
Indeed, this is great news for the world as a whole. After all, the second quarter of 2022 led to continuous increase in multiple goods. For instance, the price of fuel and certain other daily goods shot up significantly until recently.
The data in the US CPR report reflects the sudden decline in inflation rates as compared to previous months. In turn, it looks like the financial sector is showing bullish signs. Specifically, the crypto sector is steadily heading towards a bullish recovery.
In detail, both the pioneer cryptocurrency Bitcoin (BTC) and its close competitor Ethereum (ETH) are reaping the reward. To highlight, both the cryptocurrencies jumped in price during the period of the inflation rate drop.
According to CoinGecko, the price of Bitcoin went from below $19,000 at the start of June 2022 to over $24,000 at the end of July 2022. Meanwhile, the price of Ethereum (ETH) went to a low of almost $900 in the month of June 2022.
Presently, in the month of August 2022, both the cryptos are performing well. To specify, Ethereum (ETH) in particular, is having a great start to the month. In fact, in just the last 24 hours, the price of Ethereum shot up from below $1,700 to almost $1,850.
Truly, Ethereum’s speedy recovery in price is a sight for sore eyes, especially due to the harsh crypto winter until a few weeks ago. In addition, Ethereum (ETH) is trending on Twitter and has the whole crypto community buzzing.
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