The CEO of crypto trading firm Amber says that bitcoin is a better store of value than any other asset, and that ether has great value as a “tech infrastructure investment;' cryptos continued to ride upwards post CPI. shauryamalwa and JPRubin23 report
The hotly anticipated Consumer Price Index arrived hotter than expected, the type of reading that usually sends riskier assets spiraling down.
Campagna noted the pronounced declines in bitcoin and ether one-day trading volumes from the previous night following the CPI report, and a"similar dynamic" in equities markets."The ViX actually declined 4.5%!" he wrote."The CPI number was hot, but it was an expected level of hot. This caused a relief rally as the put protection was sold and books were adjusted to slightly increase risk.
, a broad-based market index that measures the performance of a basket of cryptocurrencies, recently increased by 0.52%.Crypto prices dovetailed with equity markets, which also sank early before rebounding with a vengeance with the tech-focused Nasdaq, S&P 500 and Dow Jones Industrial Average all climbing well over 2% to break six-day losing streaks as short-term sellers may have looked to benefit from recent plunges.
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