After liquidity injections by the U.S. Federal Reserve and big banks like JPMorgan, bank shares are rebounding on Tuesday. After the U.S. CPI data for February comes in as expected by the market at 6%, the crypto market has rebounded, causing a massive rally in Bitcoin and Ethereum prices.
Bitcoin price reaches near the $26,000 level, rising 5% in just a few minutes after the CPI data. The BTC price is up 18% in the last 24 hours. Ethereum price is trading at $1,737., up 10% in the last 24 hours and 3% in an hour. Bitcoin and Ethereum prices reached above crucial levels after the massive rally.
U.S. banking shares have also rebounded higher with First Republic Bank stock rising over 50% to $48.30 in pre-market hours. Other banks’ shares have also rebounded higher as investors reacted to the latest US inflation data.
The Labor Department’s CPI report showed that monthly inflation rose by 0.4% in February, resulting in annual inflation slowing to 6%. However, Core CPI inflation exceeded expectations, underscoring a still challenging macro environment.
The post Breaking: Banks, Crypto Market Rally As US CPI Data Comes In At 6% appeared first on CoinGape.
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