Crypto stocks rally as US inflation data comes in line with expectations

[ad_1]

Bitcoin hit its highest level since June before gains were mostly wiped out, trading at $24,595 as of 5:55 p.m. EDT, up 1.4% on the day, according to data from TradingView.

Ether rose around 0.8% to reach around $1,700.

BTCUSD Chart by TradingView

On March 22, the US Federal Reserve will announce its rate decision, with the potential to swing markets significantly.

Nomura analysts expect the Fed to cut rates by 25 basis points due to the “imminent risk to financial stability”, while Grayscale analysts wrote that “it seems unlikely that the Fed pursue an aggressive rate hike regime.

Altcoins followed a similar trajectory to larger coins, ending the day near neutral territory. Binance’s BNB was down 0.2% around 6 p.m. EDT, while Cardano’s ADA was up 1.1% and Polygon’s MATIC was down 0.9%.

Crypto stocks

Crypto stocks rose on the day as US inflation data came in line with expectations.

Coinbase shares gained 5.8% to trade above $62 as of 6 p.m. EDT, according to data from TradingView. MicroStrategy added 2.8% as it climbed above $220. The Jack Dorsey block traded down around 6% to above $73.

2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

[ad_2]