The night before, cryptocurrencies went on the offensive along with the stock market. Bitcoin was able to offset the losses it suffered in two days and briefly rose above $24,000 again.
At the time of publication of this review, the largest digital currency was trading at $23,852. BTC capitalization increased to $457 billion.
Ether (ETH) and Binance Coin (BNB) surged to $1,824 and $333.4 respectively. Cardano (ADA), Solana (SOL), and Polkadot (DOT) were able to bounce to $0.535, $42, and $9.52. The capitalization of the crypto market on the night of Thursday, August 11 increased to $1.13 trillion.
The stock market began to grow last Wednesday evening after the publication of data on inflation in the US. In July, it decreased to 8.5% in annual terms. This is the first decrease in the consumer price index since April 2022.
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In June, inflation was 9.1%, and it was this information that provoked the exit of capital from risky assets, including bitcoin.
A decrease in inflation may prompt the Federal Reserve to refuse to raise the discount rate.
If the regulator refrains from tightening monetary policy, then the investment attractiveness of the IT sector, including digital currencies, will immediately improve, observers say.
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The risks for traders will decrease, and they will be able to switch to technology stocks and digital assets, said analyst Will Clemente.