Major coins rallied on Wednesday after July consumer price index data indicated a slowdown in inflation. The global cryptocurrency market cap rose 3.9% to $1.1 trillion at press time. Among the major coins, Ethereum led in gains — rising nearly 9% intraday, compared with Bitcoin’s 4% gains.

Cryptocurrency trader Michaël van de Poppe tweeted that the apex coin rejected resistance. The majority of the crypto space is still skeptical of the Bitcoin rebound that started in mid-June, but momentum traders may pounce on this opportunity if Bitcoin rallies above the $25,000 level.

The dollar index, a measure of the greenback’s strength against a basket of six other currencies, was down immediately to channel support. The lower inflation number will “bode well’ for cryptocurrencies, noted trader Justin Bennett on Twitter. He expects the trend to target the $27,000 to $28,000 levels.

The ratio of Tether (USDT) on exchanges has risen from 19.7% in early May to 42% over three months. This can be viewed as both a signal that traders have taken profits as prices have rebounded, as well as a sign of a 2-year high in buying power.

.com. The company is an 'All Weather Company' for crypto prices. The firm is based in San Francisco, California, but has offices in New York and London. It was founded in 2009 and has raised more than $1.5 billion in the last year.
Posted by DI dickenskale
Tap to Copy the Short Url to This Post: 
One-Stop Business News backed by Mark Cuban. Free to Use →