Crypto market sentiment hits highest levels since April ahead of latest inflation figures

The crypto market recovery continues after a poor start to the summer. The price of Bitcoin now seems to have firmly established itself in a narrow consolidation range in the $22,500 to $24,500 area, sitting at just below $23k this morning. That’s down three per cent since this time yesterday but flat over the past seven days, with its relative resilience providing some comfort to investors.

Also Read: Bitcoin back above $23k as investor sentiment improved

Other major cryptocurrencies are also down slightly on Wednesday morning, but broadly up over the past week. The price of Ethereum is $1,685 at time of writing, down around 5 per cent over the past 24 hours but still up three per cent since this time a week ago. Market sentiment also continues to look stronger than it has in recent times, with the Fear and Greed Index yesterday hitting 42 – its highest level since early April. Can it once again turn greedy?

Also Read: Crypto markets lifted by strong US jobs report with Bitcoin, Ethereum and Cardano up five per cent

The big news to watch out for today is the release of more US inflation data, with the latest US Consumer Price Index (CPI) figures expected to tell us how well the Federal Reserve’s anti-inflation measures have been working. The consensus of expectations is for an 8.7% year-over-year increase in the CPI. How will it impact the markets?

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