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Blockchain & Crypto

Crypto's short-term direction to be determined by US inflation

Bitcoin and Ethereum rallied, but in the near term the movements of the two largest cryptocurrencies will be decided by US inflation data, analysts believe.

Bitcoin added 1% to US$26,097 over the last 24 hours, while Ethereum gained roughly 0.6% to US$1,750.

US inflation data is set for release later and Ipek Ozkardeskaya, chief analyst at Swissquote, believes inflation will determine the short-term direction of Bitcoin.

“Soft data could bolster demand, whereas any disappointment on the topside will likely bring further selloff, targeting the US$25,000 mark,” Ozkardeskaya said.

Among some of the altcoins, XRP was up 2.7% to US$0.5292, Tron added 3% to US$0.07181 and Polygon gained 2.1% to US$0.6472.