#BTC and ETH Spiked to New 60-Day Highs on US Inflation News (Market Watch)

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The declining CPI numbers brought some positivity back to the crypto markets, as bitcoin spiked to almost $25,000.


The altcoins followed suit, and many, such as ETH, marked multi-month highs of their own. The crypto market cap is up by $70 billion in a day.


Bitcoin Neared $25K

After the relatively calm weekend, which bitcoin spent primarily around the $23,000 mark, the asset went on the offensive on Monday and jumped to the north of $24,000.



However, the bears came back to town almost immediately and didn’t allow any further increases. Just the opposite, BTC started retracing and dropped down to $22,700.



As anticipation was building up about the upcoming US CPI numbers for July, expected to be lower than the previous month, bitcoin reclaimed some ground and returned to $23,000.


The US indeed announced a lower inflation percentage of 8.5%, which was even less than the predicted one of 8.7%. Being a riskier asset, bitcoin reacted with an immediate price surge to $24,000.



More volatility came a bit later, and BTC jumped to just under $25,000, which became its highest price tag in almost two months. As of now, though, the cryptocurrency trades over $1,000 lower, but its market cap is still well above $450 billion.