von • US consumer prices rose 0.2% month-over-month and 3% year-over-year in June, the slowest since March 2021.
• Bitcoin moved slightly higher on Wednesday after stock markets reacted positively to the latest US inflation data, however it continued to hover near a crucial level.
• The biggest gainers among the top 200 by market cap were 1inch, NEM and Helium; all three had seen double digit upsides with HNT trading to highs of $1.48.
US Inflation Data
The latest US inflation data released on Wednesday showed that consumer prices rose 0.2% month-over-month and 3% year-over-year in June, its slowest since March 2021. This news was reacted positively to by stock markets, which opened higher on Wednesday morning as a result.
Bitcoin Price Movement
The flagship cryptocurrency Bitcoin moved slightly higher on Wednesday after the positive reaction from stock markets but it continued to hover near a crucial level as bulls looked to retest year-to-date highs. BTC was changing hands near $30,800 at 11 am ET, having touched intraday highs of $31k on Coinbase at one point earlier in the day.
Ethereum Price
The second largest cryptocurrency by market cap Ethereum was trading towards $1,900 as the total crypto market cap rose 1.5% to above $1.24 trillion at the time of writing this article. The rest of the top 10 coins were also green at this time with Litecoin plunging 10%, however it had recouped some losses and was only 5% down in that timeframe at one point during Tuesday morning’s session.
Top Gainers Among Top 200 By Market Cap
The biggest gainers among the top 200 coins by market cap were 1inch, NEM and Helium; all three had seen double digit upsides with HNT trading to highs of $1.48 during Tuesday’s session..
Conclusion
In conclusion, US inflation data caused a positive reaction from stock markets and drove Bitcoin price movement up slightly while Ethereum hovered around $1,900 mark at 11am ET Wednesday morning followed by 1inch ,NEM and Helium seeing double digit upside movements with HNT trading hitting highs of $1
