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Bitcoin, Ethereum, Dogecoin Rally Ahead Of US Inflation Data – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Selection subject Cryptocurrency It was trading higher Wednesday night as the global market cap rose 2.5% to reach $880 billion at 7:38 pm EST.

Price performance of major coins
coin 24hours 7 days price
Bitcoin Bitcoin/USD 2.9% 6.35% $17,943.06
ethereum Ethereum/USD Four% 10.5% $1,389.02
dogecoin Doge/US Dollar 1.04% 6% $0.08

24 hour top gainers (data via CoinMarketCap)
Cryptocurrency 24 hour rate of change (+/-) price
avalanche (Avax) +24.88% $15.87
NEAR protocol (shortly) +10.9% $1.82
phantom (FTM) +9.2% $0.26

Related item: Best cryptocurrencies to hold until 2030

Why it matters: Bitcoin When ethereum Stocks traded higher on Wednesday as investors waited for US of the Ministry of Labor Consumer Price Index (CPI) figures. It will be announced Thursday morning.

Economists believe that CPI 6.5% in December — Lower than the 7.1% figure reported in November.

On Wednesday, the S&P 500 and Nasdaq closed 1.3% and 1.8% higher respectively. At the time of writing, US stock futures were seen trading flat.

“With no major positioning ahead of this CPI report, it may now be the calm before an inflationary storm. We are confident,” said Edward Moya, senior market analyst at OANDA.

“It may not be smooth sailing for the December inflation report to see prices fall across the board, as core prices a month ago could be a little higher,” Moya said. .

Analysts noted that cryptocurrencies are “slightly softening” as institutional investors remain cautious.

“If risk appetite remains unchanged after the inflation report, Bitcoin could rally again at $18,500 levels. It may fall.

Michael van de Poppe Bitcoin is holding the $17,300 level, he said. “It will likely continue to rise and it will depend on the CPI. Perhaps given the current outlook he will make a temporary correction around the CPI before continuing,” said the crypto trader. He said Bitcoin could reach $18,500 tomorrow if the CPI is beaten.

Separately, van de Poppe expressed optimism for Bitcoin this year. He said that “probably” the top coin could run towards the $30,000-$40,000 level in the next six months, but most people are “not ready for it.”

santimento he said tether (USDT) said, “We continue to see growth as sharks and whales load up for their next market. [bull run]According to the Market Intelligence Platform, there are currently 21,459 addresses holding more than $100,000 in USDT, just 1% below the all-time high.

digital currency group (DCG) Owned grayscale According to the CEO of CryptoQuant, 21,000 BTC worth $379.07 million have been transferred as of this writing. Ki Young JooThe funds were moved with an on-chain realized loss of 60%.

“For security reasons, they may have switched to a new cold wallet.

Especially on Tuesday, the founder of the Gemini Exchange Cameron Winklevoss asked for Dismissal of DCG CEO Barry Silbert sue for fraud.

Read the following: Nearly Half Of All Bitcoins Haven’t Moved An Inch In Two Years: Ark Invest Pegs This Level As Strongest Support

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