Crypto wrap: ‘Surprise rally’ in crypto market on US inflation data

The cryptocurrency market saw an unexpected rally on Wednesday and Thursday after the release of the US inflation data showing prices cooling down for the seventh straight month. On Thursday, Bitcoin touched a six-month high of $25,122, data from coinmarketcap showed. Ethereum too was at a several-month high of over $1,700.

The US inflation, according to data released on Wednesday, continued to fall for the seventh straight month in January to 6.4 per cent. It has fallen significantly from the 9.1 per cent recorded in June 2022.

“In what can be described as a ‘surprise rally’ even amidst increasing regulatory gloom in the US, crypto markets witnessed a sharp surge in prices in the last two days.