Bitcoin and Ethereum are bullish ahead of the Federal Reserve’s next CPI report.
The Consumer Price Index (CPI) measures the rate of change in the prices of various goods and services in the United States. Used as an important indicator for measuring inflation.
Bitcoin (BTC) data shows the major cryptocurrency hit a monthly high of $18,287.30, breaking short-term flat momentum. coin gecko.
At the time of writing, BTC is trading around $18,165, up 4.1% over the past 24 hours.
In addition to the bullish price action, Bitcoin’s daily trading volume also increased by 48.73% over the same period to $33.398 billion.
In our weekly note, Bitcoin is up 7.8%, making up for all its monthly losses.
More than $77 million in bitcoin futures trades have liquidated in the last 24 hours amid today’s bull run for bitcoin, according to data from. coin glassMost liquidations (~93.32%) occurred from blown short positions.
Despite the short-term price gains, Bitcoin is still far from its all-time high of $69,044 in November 2021.
Ethereum Joins Bitcoin Bounce
ethereum The second-largest cryptocurrency (ETH) with a market capitalization of around $168.9 billion is also up 4.8% over the past 24 hours, according to data. coin gecko.
Since November 8, 2022, Ethereum has struggled to recover above the $1,400 resistance level. Today, ETH broke through that level and climbed to a monthly high of $1414.11.
Coinglass data shows Ethereum leading clearing activity.
A total of $112.21 million of Ethereum futures positions were liquidated in the last 24 hours. Of all trades cleared, 94.48% were short positions.
Apart from the bullish price action, Ethereum-based NFTs Trading volume also surged by 38.45% to $28.679 million in the last 24 hours, according to data from. crypto slam.
Total Value Locked (TVL), a measure of DeFi activity on Ethereum, rose 2.25% to $25.33 billion, supporting the ongoing price rally.
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