Bitcoin, Ether rise with equities as U.S. inflation shows signs of slowing

Bitcoin, Ethereum and all other top 10 cryptocurrencies rose in tandem with U.S. equities markets overnight as consumer data showed U.S. inflation slowed in July. Polkadot surged after announcing a tie-up in decentralized finance services.

See related article: Markets: Bitcoin, Ether fall in general sell off; Solana takes hit, BNB stumbles

Fast facts

  • Bitcoin changed hands at US$23,957 as of 8 a.m. on Thursday in Hong Kong, up 3.4% in the prior 24 hours. Ethereum surged 8.8% to US$1,852, according to data from CoinMarketCap.
  • Polkadot was the other major mover in CoinMarketCap’s top 10 tokens by market capitalization, gaining 6.8% to US$9.52 after earlier touching its highest price since early June.
  • Polkadot’s gains come amid a partnership with institutional investment company BitGo, which said it will offer Polkadot in hot wallets to securely access decentralized finance services.
  • U.S. equities ended Wednesday higher on the softer inflation reading. The Dow Jones Industrial Average closed with a 1.6% gain, the S&P 500 index added 2.1% and the Nasdaq Composite Index rose 2.9%.
  • The Consumer Price Index released on Wednesday showed U.S. inflation came in at 8.5% year-on-year in July, or slower than the 9.1% pace recorded in June. The June number was the highest monthly increase in four decades.
  • Concerns about inflation have prompted the Federal Reserve to bump up interest rates this year and more increases are expected when the Fed meets again in September. However, investors see that any indicators that suggest inflation is slowing may ease the pressure for a larger rate rise. 

See related article: India crypto traders try to dodge fallout from WazirX woes, spat with Binance

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