⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here

      

Massive Gains for Cryptocurrency Market

The cryptocurrency market added $150 billion dollars in a single day thanks to better than expected inflation news from the US Consumer Price Index report.

Would the Cryptocurrency Bill become law in Texas?

The crypto market has been waiting for some kind of positive news about inflation to help spur trading. With crypto trading seen as a risky investment, many investors will not commit to buying tokens when inflation is high and the economy is doing poorly. So, as soon as news broke on Wednesday that consumer prices were lower than expected and inflation was potentially dipping, the floodgates of trading opened up.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

Ethereum (ETH) gained as much as 5.9% during the height of the trading frenzy, and Bitcoin (BTC) earned 8.19%. Both of these figures account for movement in a period of less than 24 hours, and these are the biggest jumps we have seen these coins make in months.

Where Is the Market Headed?

Since the price spike, the cryptocurrency market has calmed down considerably. Most coins have lost a lot of ground from their recent gains, but many of them are still above where they were before the price spike started.

The current slowdown could easily be the calm before the storm, and we believe the crypto market has another surge in it. New attention has been brought to the crypto market, with headlines running the massive gains. That is sure to draw in new investors who are waiting for the price to jump again and who may buy up tokens while the trading frenzy has died down.

The surge occurred because of good inflation news, and that has not changed. So, it is reasonable to expect the rates to continue to rise over the next few days. If any further inflation news is released that points in a positive direction, we should see another price jump.

 

 

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles