The crypto market is showing signs of recovery today as the global market cap surged 3.49% to $2.52 trillion. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and other cryptos witnessed gains worth 2-5%.
Notably, BTC price regained momentum above the $69K mark, whereas ETH price topped $3,600. Altcoins followed this significant upside momentum, primarily attributable to a stockpile of recent bullish events. Let’s delve deeper into it.
The trading landscape is highly bullish as the U.S. annual CPI inflation cools to 3.3%, lower than the 3.4% estimate and 3.6% last month. The yearly Core CPI cools to 3.4% against the 3.5% expected and 3.6% last month, whereas month-on-month core inflation slows to 0.2%, a significant drop in recent months.
Meanwhile, Fed Chair Jerome Powell appears to have retained his stance on three rate cuts despite two hinted by Fed swaps. Also, it’s worth noting that the U.S. dollar index (DXY) dropped to 104.3.
Collectively, these factors appear to have aided in a crypto market recovery, driving investor enthusiasm across one of the world’s largest economies.
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Upon the abovementioned news surfacing in the market, Bitcoin price jumped 4.29% to trade at $69,707.75. Data by CryptoQuant further underscored the presence of significant buying pressure on the crypto recently. Over 20,000 BTC was recorded as being moved to wallets amid the flagship crypto’s recent correction, underscoring a buying-the-dip sentiment prevailing among crypto market participants. This stages as a bullish factor, aligning with the recent rising price action.
Meanwhile, the ETH price gained 2.90% to $3,629. This broader recovery also falls in line with the massive Ethereum exchange outflow recorded from Coinbase, a centralized exchange. CryptoQuant’s data shows that over 336K ETH was withdrawn, marking the largest year-to-date exchange outflow today.
Simultaneously, Solana (SOL) surged 5.10%, reaching $160, and Dogecoin (DOGE) rallied over 7% to stand at $0.1492. The day started off on a bearish note for most of the cryptocurrencies. However, recent developments unfolded, causing an optimistic ripple effect.
Coinglass data hinted that BTC futures OI jumped over 3% in only 4 hours after the CPI announcement. CME Bitcoin Futures OI jumped 2.79% during the same period.
Ethereum Futures OI also jumped over 2% in the past 4 hours. DOGE’s Futures OI saw a remarkable 13% increase in the same time frame.
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