US consumer price Index report has been rolled out. It created a positive impact in crypto market. Crypto market which fell below $ 1 Trillion, managed to surpass $1.02 Trillion. Almost more than 2.6% rise observed in crypto market.
According to CPI report the inflation number rose by 6.4%. which is almost 0.2% more than expected number of 6.2%. Overall inflation number decreased 0.1% from the last month 6.5%. It is good to see that inflation is decreasing on regular basis. Since December, inflation number decreased from 9.1% to 6.4%.
CPI report helped to build investors trust as a result we observed more investment in crypto market. BTC observed 2.5% rise in last 24 hours. Today gain helped coin to surpass $22,000. At the time of writing coin is trading around $22,076. Second placed coin Ethereum observed a bigger rise of 4.4% in last 24 hours. ETH which fell below $1,500 ($1,470) managed to maintain worth of $1,542.
Even Binance coin BNB which slumped more than 8% after New York Regulator ordered Paxos Trust to stop creating more of its #BUSD token somehow managed 4% rise in last 24 hours. Overall good day for crypto market. But is this the end of bearish season. The answer is simply no. Although market observed decent growth after CPI report but it is hard to predict about crypto market. One bad news may hit the market badly. There is no need to panic as good news are coming in crypto market these days. Brazil bank has decided to pay taxes through crypto. This initiative will help to increase the usecase of crypto. Crypto is growing despite the long bearish season. Time to show patience and hope for the best.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.