After US inflation drops, major cryptocurrencies like Bitcoin rise in value.
The fall in the inflation margins for the US economy has a favorable effect on the price of Bitcoin and the main altcoins this August 10, which capitalize on notable gains in the moments after the announcement.
- BTC around USD $24,000 this August 10
- Major altcoins go higher after announcements of the Department of Labor
- Inflation rate in the US falls to 8.5%
Bitcoin around USD $24,000 this August 10
We open our price report for noon on August 10 with welcome news for users and enthusiasts of Bitcoin (BTC), since the main digital currency is quoted at the time of publication at about USD $23,931 per unit, which increases by 3.64% in the last 24 hours.
According to the data published in our section CryptoMarkets DailyBitcoin Y CoinMarketCapthe increase in prices took place in the moments after the announcement of the fall in inflationary levels in the US. Once the reports presented by the Department of Labor were disclosed, the price of Bitcoin It increased markedly in just one hour, going from about $23,114 to $24,126 per unit, reflecting strong buying interest on major exchanges.
Regarding the latter, the volume of daily commercial operations increased by 19% in the last 24 hours, standing at over USD $29,359 million at the time of publication. At least 20% of this capital moves through Binance, mainly in the trade of BTC by USDT Y BUSD.
Major altcoins also react positively
The effect seen in the price of Bitcoin was also felt in a similar way in the price of the main altcoins, which also increased sharply once the announcement by the regulators in the US took place.
Yes ok Ethereum (ETH), BNB, Avalanche (AVAX), Polygon (MATIC), Uniswap (UNI) and many others capitalize on increases between 5% and 11%, among the winners of the day we have the cases of Celsius (CEL) with 21.3%, followed by AAVE Y Phantom (FTM) with increases of 13.5% and 12.4% respectively.
Inflation falls in the US
As we have already been anticipating, the positive reaction seen in the crypto market this August 10 corresponds to the reports that reflect a drop in inflation in the US economy, which went from 9.1% to 8.5% according to the data. published by the Consumer Price Index (CPI).
US inflation had hit a four-decade high in June, but cooled last month, rising 1.3 percent month-on-month, the report details. The decline was largely due to a drop in gasoline priceswhose index fell by 7.7% in July.
Other indicators also reacted positively in the last month, as is the case of electricity prices that fell 4.6% in July, although other indices such as food and housing increased by 1.1% and 0, 5% respectively.
The most notable news of the day
We understand that this is a complex and especially sensitive moment in the cryptocurrency market, but if you are one of the people who see opportunities with current prices, we remind you that our section CryptoMarkets already has buttons so you can buy your favorite digital currencies.
If you want to acquire Bitcoin (BTC), prefer to buy Ethereum (ETH) or want to get some tether (USDT), you just have to access our page CryptoMarkets and click on the currency of interest. In addition to seeing its price, evolution and other market data, you will also find a buy button that will take you to a reputable exchange where you can do your trading.
We recommend everyone to be very attentive as this possibility will be incorporated soon for a greater number of digital currencies.
With information from CryptoMarkets DailyBitcoin Y CoinMarketCap
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.