Why is the crypto market up today? Weak CPI boosts market confidence
- The crypto market cap jumped above $3.5 trillion on Tuesday, following a weak headline CPI of 2.3% in April.
- Bitcoin’s 10-week lag of the Global M2 money supply indicates its price could soar higher.
- BTC’s spot Taker Buy Sell Ratio rose toward 1.02, signaling a strong capital inflow into the spot market.
- Ethereum saw a 9% gain as the altcoin market showed renewed strength alongside Bitcoin.
Bitcoin (BTC) saw a 1.4% uptick on Tuesday — reclaiming $104,000 — and Ethereum (ETH) gained 9% after the US Consumer Price Index (CPI) for April came in at 2.3%, below market expectations of 2.4%. The move was supported by a surge in Bitcoin’s spot Taker Buy/Sell Ratio and its ongoing correlation with the Global M2 money supply,…
