BTC and ETH recover after softer US inflation and the possibility of ETH ETFs
Last week ended positively for cryptocurrency markets following lower-than-expected inflation data in the US. The total cryptocurrency market capitalization increased by 6%, adding around $130 billion. The total market capitalization currently stands at $2.36 trillion, approximately 30% below the 2021 all-time high of $3 trillion.
Aside from cryptocurrency markets, US indices also soared to record levels following the release of inflation data.
In particular, bitcoin has become increasingly correlated with US stock markets in recent weeks. As we move into the second half of the year, the macroeconomic climate, especially inflation data and potential interest rate cuts, will play a critical role in the direction of bitcoin (and cryptoassets in general) prices for the rest of 2024.
