Lower-than-expected inflation for July was well received by markets and pushed bitcoin price up to 2-month highs
US CPI figures were released Wednesday last week showing lower-than-expected inflation for July. This news was well received by markets and pushed bitcoin price up to 2-month highs — its value has fluctuated mostly within the $24-25k range since and stands currently just below $24.0k. Investors are hopeful that a positive inflation outlook will nurture growing optimism in markets and help stage a much needed crypto recovery.
Network hashrate is recovering from July's downturn, its 14-day moving average regaining 200 EH/s. Difficulty is set for a modest second consecutive increase later this week following a series of three decreases across late-June to July. Bitcoin price consolidation continues supporting a slow-but-steady recovery in hash price — currently at $0.11 for a 38% increase since mid-June.