Hassan Maishera
TL;DR
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Bitcoin is trading above the $30,800 level as investors wait for June inflation figures.
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Lower inflation levels could see the Federal Reserve ease its recent interest rate hikes.
Bitcoin Continues To Hover Around $31k
Bitcoin has been performing well since the start of the week. The world’s leading cryptocurrency by market cap added 1% to its value over the past 24 hours and is now trading above $30,800 per coin.
The positive performance comes as investors eagerly await June’s inflation data later today. The United States Consumer Price Index will be published later today and will give an insight into the inflation situation in the United States.
If the inflation figure declines, the United States Federal Reserve might maintain its current interest rate or even decrease it. A decrease in interest rates could favor the cryptocurrency market in the near term.
While commenting on the market, Tim Frost, CEO of digital wealth platform Yield App told CoinDesk that;
“For crypto assets, this all likely means continued range trading around current levels. Bitcoin seems to be holding fairly close to $30,000 at the moment, which is a near 100% increase from January when it started the year at $16,540. There are few assets that perform this well in a "bear" market, and canny seasoned traders will likely have done well on BTC this year.”
Ether, the second-largest cryptocurrency by market cap, is closing in on the $1,900 mark after its positive performance over the past 24 hours.
Bitcoin Cash (BCH) is the best performer amongst the top 20 cryptocurrencies by market cap today, up by more than 3%. At press time, the price of BCH stands at $284 per coin.
