BTC has breached the $30,000 mark for the first time since June 2022 as US investors eagerly await key US inflation data later in the week, which will further steer cryptocurrency prices.
The largest cryptocurrency by market capitalization rose seven percent to $30,193.25 for the first time since June. According to the last record this morning, it experienced a slight correction and is now at $30,047.
At the same time, ether advanced by more than 3.5 percent to $1,925.11 for the first time since August as investors awaited the latest technology. The Shanghai upgrade of the Ethereum network will happen on Wednesday.
Traders are likely to speculate that the consumer price index will reach a level on Wednesday that gives the US central bank (Fed) reason to consider pausing interest rate hikes at its next meeting, which would boost volatile assets like bitcoin, CNBC writes.
Collectively, cryptocurrencies have risen this year. With the latest jump on Monday, BTC added as much as 80 percent and 60 percent of its current value.
Macro drivers continue to impact both digital assets. The upcoming inflation data will be key in determining if or when the Fed will pause or end its key rate hike campaign.
On the other hand, the Shanghai upgrade of the Ethereum blockchain platform is expected to put negative price pressure in the short term on the value of this cryptocurrency, as a larger amount of ether tokens will be released to the market in a few weeks.
The CFTC filed a lawsuit against the Binance platform
The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, and its CEO and founder, Changpeng Zhao, for what the regulator said were violations of trading and derivatives rights.
As stated, the reason for the lawsuit is the “intentional evasion” of US law and implementation of a “calculated strategy of regulatory arbitrage” that brought the company a commercial benefit.
Zhao, the Chinese billionaire who owns the crypto exchange, called the CFTC’s lawsuit “unexpected and disappointing,” Reuters reports.