BTC Volatility Returns as ETH Hits 8-Month High Amidst CPI and Fed Frenzy
The past week has been marked by significant events in the cryptocurrency market, particularly with regards to Bitcoin and Ethereum.
Following a stronger-than-expected US jobs report for July, markets reacted immediately, giving the Fed more leeway to hike interest rates. This led to a massive sell-off in BTC, which dropped below $79,000 before rebounding during the weekend.
BTC continued its volatility throughout the week, with a brief challenge to $80,000 on Monday and subsequent drops to $77,600 and $76,000 following the release of inflation data. However, the bulls stepped in to recover losses within minutes, driving the asset north to nearly $80,000.
Ethereum, on the other hand, skyrocketed to a 8-month high of $2,660, with a 6% weekly surge taking it above $2,600. Other cryptocurrencies like ZEC, NEAR, DOT, and ICP also marked significant gains on a 7-day scale.