Crypto Market Surges on US CPI Data, Analysts Cite Broader Market Drivers

The crypto market experienced a surge after the release of July's US Consumer Price Index (CPI) data, which matched economists' expectations. The report showed that consumer prices increased by 3.4% year over year in July, down from June's 3.5% annual inflation rate.

Bitcoin and Ethereum ETFs saw positive seven-day net inflows, with Bitcoin ETFs having a net inflow of 4,711 BTC, or about $301.16 million, and Ethereum ETFs seeing one-day net inflows of 3,823 ETH, or about $7.28 million.

The New York Stock Exchange (NYSE) is also advancing its onchain settlement infrastructure for eligible tokenized securities, a development that could have long-term implications for the crypto market.