
Ethereum (CRYPTO: ETH) was surging over 8% higher on Wednesday, propelled by a positive market-wide reaction to the latest consumer price index data that showed inflation increased 8.5% year-over-year in July, down from 9.1% in June.
The S&P 500 gapped up 1.33% on the news, popping multiple big-tech stocks up to new highs. Bitcoin (CRYPTO: BTC) was trading higher by about 3%, bogged down by a new but fairly heavy resistance level that has developed at $24,206.