The recent CPI report by the Department of Labor of the United States shows that the country’s inflation dropped by 8.5% in July. As a result, Bitcoin, Ethereum, Solana, and other Altcoins surged high in prices.
Since the beginning of 2022, the Russia-Ukraine war, rising gas prices, and the global crisis caused inflation to rise to a record-breaking high of 9.1%, worrying millions of Americans and the overall global economy.
Seeing the high inflation, Biden had promised US citizens that his administration will work on reducing the inflation.
Finally, Biden reported “Today we received the news that our economy had zero percent inflation in the month of July. Zero percent.”
Although Bitcoin is always claimed to have no relation to the traditional economy, the crypto prices still peaked in the market
Bitcoin rose from its previous price of $23,000 to $24,500, Ethereum also bounced up over $1700, especially after the Goreli testnet was deployed.
Other altcoins also showed improvements: Binance (BNB) rose 3.61%, Cardano (ADA) hit a 4.81% high, Solana (SOL) peaked 10.89%, Polkadot (DOT) rose 7.55%, and Pancakeswap (CAKE) bounced up 3.94%.
The continuous climb of the crypto prices is also a result of the hard effort put in by developers, builders, and investors to keep the Web3 industry running. Since the growth aspect was in a boom for months, the crypto prices are quickly rising now.
The crypto community can expect the market to be bullish by the end of the year.