The price of Helium (HNT) has surged by double digits, along with 1inch and NEM, following the release of US inflation data. Meanwhile, Bitcoin and Ethereum are hovering near significant price levels.

The Consumer Price Index (CPI) for June revealed that consumer prices rose 0.2% month-over-month and 3% year-over-year. Despite this, Bitcoin saw a slight increase and is currently trading near $30,800, with intraday highs of $31,000 on Coinbase. Ethereum, on the other hand, is trading close to $1,900, while the total cryptocurrency market cap has risen 1.5% to over $1.24 trillion.

While other major cryptocurrencies remained relatively stable, three coins among the top 200 by market cap experienced significant gains in the past 24 hours. 1inch, NEM, and Helium all saw double-digit increases, with HNT reaching a high of $1.48.

Bitcoin and Altcoins Rise Following CPI Data Release

The US stock market reacted positively after the release of the US CPI data for June, which showed a decrease in year-over-year inflation. The data revealed a 3% increase in prices compared to the 4% recorded in May. Charlie Bilello, Chief Market Strategist at Creative Planning Investor, commented on the CPI release, stating that various factors, including lower rates of inflation in fuel oil, gasoline, gas utilities, used cars, medical care, apparel, new cars, food at home, electricity, and transportation, contributed to the decline in inflation.

The Federal Reserve recently paused its interest rate hike cycle and is expected to implement a 0.25% rate hike twice before the end of 2023. The reaction of both the equities and crypto markets to future central bank actions will be crucial.

According to Jim Bianco of Bianco Research LLC, the markets still anticipate a 25 basis points rate hike on July 26.

FAQ

What drove the surge in Helium’s price?

The surge in Helium’s price can be attributed to the positive reaction of the crypto market to the US inflation data and the overall rise in the total market cap of cryptocurrencies.

What were the key levels for Bitcoin and Ethereum?

Bitcoin was hovering near the $30,800 level, with intraday highs of $31,000 on Coinbase. Ethereum was trading close to $1,900.

What were the key findings of the US CPI data for June?

The US CPI data for June showed a month-over-month increase of 0.2% and a year-over-year increase of 3%. This was a deceleration from the 4% recorded in May. Various factors contributed to the decline in inflation, including lower rates of inflation in fuel oil, gasoline, gas utilities, used cars, medical care, apparel, new cars, food at home, electricity, and transportation.

What is the market’s expectation for future rate hikes?

The market anticipates a 25 basis points rate hike on July 26, according to Jim Bianco of Bianco Research LLC.

How did other major cryptocurrencies perform?

While Bitcoin and Ethereum maintained key levels, other major cryptocurrencies remained relatively stable. However, three coins among the top 200 by market cap experienced significant gains in the past 24 hours: 1inch, NEM, and Helium.

How did the stock market react to the US CPI data release?

The US stock market opened higher following the release of the US CPI data for June, which showed a decrease in year-over-year inflation. The data revealed a 3% increase in prices compared to the 4% recorded in May.

Summary

Helium, along with 1inch and NEM, experienced a surge in price following the release of US inflation data. Bitcoin and Ethereum maintained key levels, trading near $30,800 and $1,900, respectively. The US CPI data for June showed a decrease in year-over-year inflation, with prices rising 0.2% month-over-month and 3% year-over-year. The cryptocurrency market reacted positively to the data, with the total market cap rising 1.5% to over $1.24 trillion.