Crypto Market Soars After US CPI, but Analysts Say Bigger Forces Are at Work
Key Insights:
- The crypto market advanced after July US CPI matched forecasts, easing inflation concerns.
- Bitcoin and Ethereum ETFs recorded positive seven-day net inflows.
- NYSE continues developing onchain settlement infrastructure for eligible tokenized securities.
The crypto market moved higher on Wednesday after July U.S. inflation data matched economists’ expectations. Bitcoin and major altcoins gained as the US CPI report eased immediate inflation concerns.
However, analysts pointed to institutional ETF flows and blockchain settlement development as broader forces supporting the market. The inflation report also lifted U.S. stocks while government bond yields moved lower during morning trading.
Crypto Market Rise After July US CPI
U.S. consumer prices increased 3.4% year over year in July, according to data shared by the US Labor Department. That marked a decline from June’s 3.5% annual inflation rate. Moreover, the reading matched economists’ forecasts.
On a monthly basis, consumer prices increased 0.1% during July. That figure also matched market expectations. Consequently, expectations for unchanged Federal Reserve rates increased slightly after the inflation release.
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