- Bitcoin Recovery
- Meme Coin Sector Struggles
- Current Market Losers
Bitcoin surged nearly 3% after the release of US inflation data, signaling optimism for a soft landing in the economy and bolstering bets on a Federal Reserve rate cut this month. The latest US Consumer Price Index (CPI) data aligned with economists’ expectations, while core inflation slightly exceeded projections. This left analysts anticipating a 25 basis point rate cut in September.
Bitcoin Recovery
In response to the data release, Bitcoin surged more than 3.1% in the past 24 hours to trade at $58,283 as of 4:33 a.m. EST, while the broader crypto market saw its market capitalization climb 2.6% to $2.05 trillion.
Meme Coin Sector Struggles
The meme coin market continued to struggle, with its market cap down almost 1% to $41.4 billion, according to CoinGecko. Popcat (POPCAT) bucked the trend, though, surging 18% to lead meme coin gainers, according to CoinMarketCap.
Current Market Losers
The majority of the crypto market followed Bitcoin and Ethereum’s lead, with a large portion of the 50 biggest cryptos seeing their prices rise throughout the past 24 hours. Only Internet Computer (ICP), Aave (AAVE), Immutable (IMX), Optimism (OP), Dogwifhat (WIF) and Fantom (FTM) recorded 24-hour losses. Ranked as the 23rd largest crypto by market cap, ICP dropped more than 2%, while AAVE slipped 1%.
The release of US inflation data has brought confidence in the possibility of a soft economic landing, which has been reflected in the cryptocurrency market. Despite the general rise, the meme coin sector continues to face challenges, while some major cryptocurrencies like ICP and AAVE are experiencing declines.
