Crypto stocks rally as US inflation data comes in line with expectations

Quick Take

  • Bitcoin traded around $24,595 around the close of traditional markets, after whipsawing earlier in the day. 
  • Crypto stocks were up, as U.S. inflation data came in line with expectations.

Bitcoin soared to its highest point since June before gains were mostly wiped out, trading at $24,595 at 5:55 p.m EDT, up 1.4% on the day, according to data from TradingView.

Ether was up about 0.8% to about $1,700.

On March 22, the U.S. Federal Reserve will announce its rate decision, with the potential to swing markets significantly.

Nomura analysts expect the Fed to cut rates 25 basis points due to "looming financial stability risk," while Grayscale analysts wrote that "it seems unlikely that the Fed will continue an aggressive rate-raising regime."

Altcoins followed a similar trajectory as the larger coins, ending the day close to neutral territory. Binance's BNB was down 0.2% at around 6 p.m EDT, while Cardano's ADA increased 1.1%, and Polygon's MATIC declined 0.9%. 

Crypto stocks 

Crypto stocks traded up on the day as U.S. inflation data came in line with expectations. 

Coinbase shares gained 5.8% to trade above $62, by 6 p.m. EDT, according to TradingView data. MicroStrategy added 2.8% as it climbed to above $220. Jack Dorsey's Block traded up about 6% to above $73. 

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