Major cryptocurrencies experienced mixed trading on Thursday evening, displaying resilience in the face of Consumer Price Index (CPI) data.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.54% | $29,429 |
| Ethereum ETH/USD | -0.24% | $1849 |
| Dogecoin DOGE/USD | +0.44% | $0.075 |
What Happened: Crypto remains unaffected by the Consumer Price Index (CPI) figures, which showed a modest increase in line with economists’ expectations. In July, the CPI rose by 0.2%, with the Core CPI (excluding food and energy) also increasing by 0.2%. Year-over-year, the CPI rose by 3.2%, and the Core CPI increased by 4.7%.
As a result, the likelihood of a Federal Reserve interest rate hike in September has decreased as part of their ongoing efforts to combat inflation.
Despite starting the year with a significant surge and almost doubling its price, BTC has struggled to maintain a consistent price above $30,000 in recent months. Since April, and especially since mid-June, bitcoin has experienced sudden reversals whenever it attempted to break above the $30,000 mark.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| XDC Network | +5.17% | $0.06682 |
| Shiba Inu | +3.50% | $0.000009993 |
| Thor Chain | +2.77% | $1.06 |
Currently, the global crypto market capitalization stands at $1.17 trillion, a 0.48% decrease in the last day.
Thursday saw a positive trend in US Stocks, driven by a Disney rally after earnings and a key inflation reading that showed slightly less year-over-year inflation growth than anticipated. The S&P 500 inched up by 0.03%, while the Nasdaq Composite experienced a 0.12% rise.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe reports that CPI expectations fell slightly short of projections, with a recorded 3.2% as opposed to the anticipated 3.3%. Additionally, the core CPI came in at 4.7% instead of the expected 4.8%.
"Unemployment claims also rallying to 248K. This means, no fear, but continuation. I’m buying," he said.
Pseudonymous analyst CredibleCrypto predicts that Bitcoin will soar to a price of over $70,000 this year. "$70,000+ this year, in case I wasn't clear before."
However, CredibleCrypto also acknowledges the possibility of Bitcoin trading within a certain range before the anticipated major rally takes place.
According to the pseudonymous analyst Bluntz, the decentralized oracle network Chainlink (LINK) is currently showing a bullish continuation pattern across all three pairs.
"Been struggling to find anything that looks decent for quite a while in this chop, but LINK is finally starting to look promising here with a potential bull flag breakout forming on not just USD pair but also its BTC and ETH cross pairs," Bluntz said.
Cryptocurrency Photo by Chinnapong on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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