Bitcoin, Ether, and other cryptocurrencies rose Friday, with the crypto space lifted by inflation data and a successful upgrade to the Ethereum blockchain network.
Bitcoin price has increased by 2% to $30,750 in the last 24 hours. This is the highest point for the biggest digital assets since June last year, when the plunge across the cryptocurrency market accelerated into a brutal bear market with multi-year lows. Bitcoin has risen more than 80% so far this year, surpassing the first psychologically significant $30,000…
Bitcoin,
ether,
Inflation data and a successful upgrade to the Ethereum blockchain network lifted the crypto space while other cryptocurrencies rose Friday.
Bitcoin price has increased by 2% to $30,750 in the last 24 hours. This is the highest point for the biggest digital assets since June last year, when the plunge across the cryptocurrency market accelerated into a brutal bear market with multi-year lows. Bitcoin is up more than 80% so far this year, breaking his psychologically significant $30,000 point earlier this week for the first time in 10 months, spurring a new bull market call.
Cryptocurrencies remain sensitive to macroeconomic forces, hitting the latest high after inflation readings from Thursday’s Producer Price Index.
Dow Jones Industrial Average
and
S&P 500.
Further signs that inflation is calming have raised hopes that the Federal Reserve (Fed) will soon become more accommodative on monetary policy.
Central banks have sought to control decades of high price gains, a key factor behind last year’s decline in stocks and cryptocurrencies as a whole, as rising interest rates dampen demand for riskier assets. , has aggressively raised interest rates over the past year. Bitcoin’s rally so far this year has come amid positive signs of inflation and stress across the banking sector, both of which have raised expectations that the biggest rate hike is over and the Fed may consider cutting rates. I’m here.
A significant upgrade to the Ethereum blockchain network, known as “Shanghai,” has also boosted digital assets, with ether prices rising 6% to above $2,100, the highest level since May 2022.
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The Shanghai upgrade completes Ethereum’s transition to “Proof of Stake”. This ensures that the network is secured and transactions are processed by his Ether holders who temporarily lock or “stake” their tokens and profit in the process. The successful upgrade didn’t bring selling pressure as some feared. It also caused a rally as staking became more popular and supported prices.
All altcoins,
Cardano
increased by 7%,
polygon
increased by 4%. Memecoins were also making progress.
dogecoin
Earn 7%,
Shiba Inu
2% up.
Please contact Jack Denton at jack.denton@barrons.com.
