Hassan Maishera
TL;DR
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Despite the recent inflation figures, Bitcoin continues to trade around the $30k region.
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The inflation rate in the United States rose by 5% in March, the lowest in more than two years.
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Ether is also trading around $2k following the Shanghai upgrade a few hours ago.
Bitcoin And Ether Remain Flat
Bitcoin and Ether continue to trade flat despite recent events in the broader market. BTC, the world’s largest cryptocurrency by market cap, is trading at $30,075 per coin, up by less than 1% in the last 24 hours.
It remained flat despite important inflation data released in the United States on Wednesday. Inflation rate in the United States grew by 5% in March, the lowest level for more than two years.
With the inflation rate slowing down, the Federal Reserve could slow down its rate hike, giving investors more room to invest in capital markets like Bitcoin.
However, despite the latest inflation data, Bitcoin and the broader cryptocurrency market refused to respond. The total crypto market cap remains at $1.23 trillion, up by less than 1% in the last 24 hours.
Ether, the second-largest cryptocurrency by market cap, is now rallying as expected. The Ethereum network completed the Shanghai upgrade on Wednesday, finally allowing users to unstake their previously staked tokens.
The hard fork indicates that Ethereum is now a full-fledged proof-of-stake protocol. However, ETH is now responding to the event, as it is up by only 6% in the last 24 hours.
At press time, ETH is trading at $1,982 per coin and looks likely to move past the $2k psychological level in the near term.
