As Bitcoin reaches new all-time highs, the crypto market is keenly awaiting US inflation figures which could significantly impact market sentiment.
Crypto Market This Week: Inflation in Focus
The crypto market started the week with increased enthusiasm as significant price movements are observed among top players. Investors are awaiting the US inflation data set to be released this Tuesday. Wall Street estimates suggest that the Consumer Price Index (CPI) is expected to rise to 0.3% for June, up from 0.1% recorded in the previous month.
Can Bitcoin & Altcoin Rally Sustain?
The digital asset sector has attracted high interest from global investors. At the time of writing, the global crypto market cap increased by 3.5% to $3.8 trillion, with overall trading volume soaring 63% to $188.65 billion. Bitcoin has recorded a significant surge of nearly 4% and is trading at $122,400, while Ethereum has also surged past the $3,000 level.
Impact of Inflation on the Crypto Market
The upcoming inflation data is poised to affect the broader financial sector's sentiment; however, it is anticipated that it may not significantly impact digital asset prices. Moreover, the high institutional interest in assets like Bitcoin, supported by major companies, sustains optimism in the sector.
The crypto market is currently in discussions about the sustainability of its rally, with focus placed on the forthcoming inflation data in the US. Investors remain cautious, as a short-term correction may be plausible.
