The U.S. consumer price index rose 8.5% year-over-year in July, lower than analysts’ expectations. This led to Bitcoin and Ethereum prices jumping in the hopes that the Federal Reserve would ease its monetary policy tightening.
However, the pump might be temporary, and Bitcoin might continue its value shedding, despite the positive data. The crypto crash in May and June led to the market losing $1 trillion in value in a matter of weeks.
