Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
15 Agosto 2022 - 2:00PM
NEWSBTC
The United States’ newest release on its inflation rate for July
has created a celebration reason for many, especially the crypto
sector. According to the Department of Labor publication, the July
customer price index (CPI) report dipped to 8.5%. This was against
its last year’s value of 9.1%. With the report’s release, many
people have expressed their recommendations for the Biden
Administration and their shock. Some confessed that they have
expected to see a spike in inflation due to some of the prevailing
factors at the moment. They mentioned that the ongoing
Ukraine-Russia war and price increase in goods were expected to
play a role. US President Joe Biden has reacted to the great news
of the CPI report. Commenting from the White House, he maintained
that the news shows that the economy ran with zero percent
inflation for July. Related Reading: APECoin Retraces 2.5% In Last
7 Days – More Selloff In The Offing? President Biden further
mentioned that their approach to controlling inflation yields
positive results. Hence, he encouraged Congress to pass the
inflation Reduction Act. This will help to build an economy that
would reward hard work. In the past six months, the US reported a
negative GDP value for the two quarters of the year. Inflation also
rose within the period, as indicated by the high-priced economy.
The report pointed out the monthly energy cost reduction that hit
4.6%. The value contradicts that of 2021, which gave a climbing
curve to be at 32.9%. On the part of food expenses, there is a
continuous uptrend. The report recorded an 11% increase for July
and a 10.9% rise on a year-over-year basis. Pundits reported that
this value stands as the highest surge since May 1979. Gasoline
prices dipped by 7.7% monthly to give drivers a little aid.
However, it remained higher than the value for 2021 by 44%. Crypto
Market Followed An Uptrend In a new development, the crypto market
is making positive progress in price and value. However, the crypto
space has been in shamble due to the impact of the crypto winter
and other combining factors. In addition, the geopolitical climate
and macro influences had been quite unfavorable. As a result,
bitcoin and most major crypto assets experienced drastic price
drops over the first half of 2022. Related Reading: Polkadot (DOT)
To Retest $9.88 Resistance – Can Bulls Regain Solid Footing? While
expecting the CPI July report, many cryptocurrencies dropped on
August 9. On its part, BTC plummeted by 4% to trade at $23,100.
This sudden downward move was after it hit the $24,000 level as of
Monday. For Ethereum, the drop went below 5%. But the market prices
are making a bounce with most assets moving uptrend. For example,
while Bitcoin has climbed above $24,200, Ethereum is increasing
slightly beneath $1,900 at the time of writing. Featured image from
Phemex, Chart from TradingView.com
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