Bitcoin with its Highest Value in the Last 2 Months

Business | August 12, 2022, Friday // 10:48
Bulgaria: Bitcoin with its Highest Value in the Last 2 Months @Flickr

The cryptocurrency Bitcoin hit its highest value in the last 2 months, on expectations that US inflation data which are below forecast, will slow the tightening of the US Federal Reserve's (FED) monetary policy.

The world's largest cryptocurrency gained more than 2% in the last 24 hours, reaching ,873.

The price of Bitcoin reached its highest level since June 13, when it traded at USD 26,857.

Ethereum, one of the other prominent cryptocurrencies, also hit a 2-month high. The price of Ethereum rose over 3% in the last 24 hours to ,931.

Parallel to the positive development of the global stock markets, the cryptocurrency markets also increased.

Global risk appetite, which rose after US inflation data came in below expectations, also supported cryptocurrency markets.

According to the data announced yesterday in the country, the consumer price index (CPI) did not change on a monthly basis in July, while on an annual basis it increased by 8.5%.

The producer price index (PPI) released today also fell 0.5% month-on-month in July, against expectations, and rose less than expected by 9.8% year-on-year.

Analysts said expectations that the US Federal Reserve will ease its ultra-tight monetary policy increased after the inflation data came in below expectations.

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