As on wednesday, Cryptocurrencies were slightly higher after investors shrugged off a higher-than-expected inflation report in anticipation of another key inflation indicator due to come out on Thursday.
The price of bitcoin edgedhigher by about 0.4% and was trading at $19,072.00, while ether rose 0.6% to $1,290.73.
Defiance ETFs CEO and chief investment officer Sylvia Jablonski called the PPI report a “benign” reading that investors are neither overly disappointed nor overly excited about.
Bitcoin and ether have traded in a narrow range for about a month, with bitcoin “stuck” in the $19,000 level, and their moves have been largely macro led as the crypto industry quietly builds new narratives for the next bull run.
“Until we get past tomorrow’s CPI read and this earnings season, and get more color from the Fed, crypto and equities will stay in this trading range and a lot of the investor funds that typically go into the market will remain on the sidelines,” she told CNBC.
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