Bitcoin, the global leading cryptocurrency, hit $25K on Sunday, reaching its highest level since June 13. It has now risen five days in a row, a run spurred by US consumer-price index data that came in below expectations. In anticipation of the successful completion of its blockchain’s eagerly awaited software upgrade known as the Merge, Ether is currently trading at $2K, having reached the mark on Saturday for the first time since May 31.
It could be recalled that JPMorgan Chase, the most valuable bank in the world, stated that the cryptocurrency market has been on the rise for the past week or so amid risk on sentiments
The asset’s increase from $23,000 to over $24,000 on August 10 in response to the most recent US CPI data was the most striking. Shortly, it continued to rise and reached a multi-month high above $24,800.
Crypto struggled during the first half of the year as the Federal Reserve raised rates to combat persistently high inflation, resulting in price drops of more than 50% for Bitcoin, Ether, and other tokens.
Risk assets like the US dollar index are rising as a result of US inflation data coming in below forecasts over the past week, which may pave the way for less aggressive tightening measures from the Fed.
The Ethereum blockchain’s Merge is now anticipated to occur around September 15, according to network co-founder Vitalik Buterin, who said this following the network’s final test stage known as Goerli a few days ago.
The Merge signifies a shift away from the proof-of-work method of mining blocks and toward the proof-of-stake approach for creating new Ether tokens and validating transactions.