The latest US inflation data indicating a slowdown has acted as a catalyst for the cryptocurrency market, driving its capitalization up by $40 billion. Major cryptocurrencies, including Bitcoin (BTC), Pi Network (PI), and Hedera Hashgraph (HBAR), prominently benefited from the positive economic sentiment.
Bitcoin led the charge, climbing 7% and returning to an $83,500 price point after languishing for several months. This boost reflects a wider trend of risk assets gaining ground amidst signals of easing inflation.
Pi Network stood out with a remarkable 22% increase, spurred on by anticipation around its upcoming network migration and speculative listings on well-known cryptocurrency platforms. Hedera Hashgraph also saw a notable uptick of 6%, pushing past the $0.20 mark, thanks to the proposed Grayscale HBAR ETF eyed by the SEC.
In addition to these gains, Binance Coin (BNB) grew by 2%, reflecting higher trade volumes and investor interest in exchange-based tokens in the market’s recovery. Meanwhile, both memecoins and stablecoins have observed upward movements, highlighting the diverse areas of growth within the crypto ecosystem.
As the market responds to the latest economic indicators, attention is fixed on how forthcoming macroeconomic news might shape the direction of cryptocurrency investments.
