Crypto Markets Rally as Traders Digest PPI Data

Cryptocurrency markets experienced a rally on Wednesday, July 16, following the release of lower-than-expected inflation data regarding the Producer Price Index (PPI). Bitcoin's price increased by 2.4% to $119,560, which is still slightly below its recent high of $122,800 recorded on Monday, July 14. Ethereum saw a more substantial jump of nearly 9% in the last 24 hours, reaching approximately $3,312, marking its highest price since February and making it the top performer among the leading cryptocurrencies. Ethereum has risen over 25% during the week.