Crypto Price Today: Bitcoin surges above $30,600 ahead of US inflation data

economictimes.indiatimes.com:

cryptocurrency markets were majorly trading higher on Wednesday ahead of the key US inflation data, due later in the day. Bitcoin (BTC) rose 0.70% to $30,667, whereas Ethereum (ETH) was above the 1,850 level. BTC volume stood at approximately $11.75 billion, falling 20% in the last 24 hours. «Bitcoin rose above $31,000, underpinned by a bullish forecast from U.K. bank Standard Chartered predicting that bitcoin will reach $50,000 by the end of 2023 and $120,000 by the end of 2024. However, it retraced back to $30,350 as the US June Consumer Price Index (CPI) and the Producer Price Index (PPI) will be released this week, bringing inflation data back into the spotlight,» said CoinDCX Research Team. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said, «The CPI (YoY) consensus forecast this time is 3.1% — down from the previous reading of 4%. A lower-than-expected reading can give the entire market an upward push, however, it seems like the market may not be as concerned in case the reading comes out to be more than 3.1%.»

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Other top crypto tokens were also trading higher. BNB, Polygon, Cardano, Dogecoin, and Solana were also trading higher. The global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.51% in the last 24 hours. The total volume in DeFi is currently $2.03 billion, 8% of the total crypto market 24-hour volume. The volume of all stablecoins is now $24.17