Why Bitcoin, Ethereum, and CleanSpark Are Rising Today

Shares of most cryptocurrencies and crypto stocks moved higher today after new data showed that inflation might be starting to peak.

Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), traded 4.7% higher as of 10:10 a.m. ET today, while the price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded 8.7% higher. On the day, shares of the Bitcoin miner CleanSpark (NASDAQ: CLSK) traded almost 15% higher.

All week investors have been waiting for the latest reading of the consumer price index (CPI), which tracks the prices of a range of daily consumer goods and services. This morning, the data showed the index grew 8.5% in July on a year-over-year basis. What's more, the CPI remained unchanged from June on a seasonally adjusted basis. Both of those numbers came in below expectations and suggest that inflation could have peaked last month.

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Source Fool.com