Bitcoin (BTC) moved somewhat precariously around $30,000.
Bitcoin has declined slightly over the past 24 hours, trading at $30,030. The consumer price index (CPI) rose 0.1% in March, down from 0.4% the previous month. This is lower than the expected 0.2%. On a year-on-year basis, it rose 5.0%, lower than the 6.0% rise in February. After the figures were released, Bitcoin rose to $30,548.
“Bitcoin’s profit realization is accelerating,” said Edward Moya, chief analyst at Oanda. For the time being, it will continue to serve as an inflation hedge and maintain its correlation with stocks. However, a strong catalyst is needed to sustain the rally.”
Ethereum (ETH) gained 0.3% to trade at $1914. The industry is keeping an eye on the Chapella upgrade situation. Shappella was activated around 7:27 this morning (Korean time).
Opinions in the industry are divided regarding the impact Shappella will have on the market. While some expect the price of the token to fall due to the selling pressure of Ethereum, there are opinions that it will not have a significant impact on the price.
Jim Myers, Chief Technology Officer of Flipside Crypto, a blockchain analytics firm, said, “There is a lot of concern regarding what will happen when Ethereum staking is unlocked. It can act as a catalyst to attract potential customers who were reluctant to enter the market.”
Bitcoin and Ethereum are up more than 6% and 4%, respectively, over the past seven days. The CoinDesk Market Index (CMI) fell 0.2%, but the latest 7-day gain was 2.2%.
The stock market closed mixed. The Standard & Poor’s (S&P) 500 Index and the Dow Jones Industrial Average (DJIA) rose 0.3% and 0.5%, respectively. The Nasdaq remained flat.
English article : Translated by Choi Yoon-young, edited by Gi-ki Kim at CoinDesk Korea
