Crypto Exchanges See Massive Pump in Bitcoin, Ethereum After CPI Data
The crypto markets turned green after the CPI report on Thursday showed the inflation rate at 8.2% in the US. The markets saw a remarkable spike as Bitcoin and Ethereum jumped more than 5% and is currently up 3.8%. Data from CoinMarketCap shows that leading crypto exchanges saw a rise in trading volume recording a triple-digit percentage increase. In addition, decentralized exchanges (DEX) experienced a similar spike in trading volume with millions of inflows in 24 hours. Uniswap recorded $264 million in inflows, Kine Protocol $274 million and dYdX saw the highest with $770 million worth of transactions. Coming to global crypto exchanges, FTX trading volume spiked 180%, while Binance trading volume was up 133%. All the top five crypto exchanges recorded a trading volume spike in triple-digit percentages. Also Read: 75% of Young Americans are Pro Crypto for Wealth Generation: Survey Source: CoinMarketCap.com The development suggests that investors are chasing the short-...