The crypto market continued rising on Wednesday as market participants cheered the encouraging US inflation data. Bitcoin and most altcoins also jumped as market participants waited for the Consensus event in Toronto. These coins also jumped as the crypto fear and greed index moved to the greed zone of 74.
Why the crypto market is soaring
The crypto market has jumped sharply this week as investors cheered the US and China trade talks in Switzerland. The two superpowers agreed to keep talking and reduce tariffs before the next meetings.
China agreed to lower tariffs on US goods from 125% to 10%. It also agreed to intensify its battle against the manufacturing of products used to make fentanyl, a drug that kills thousands of Americans a year. Most notably, the country allowed airlines to start receiving Boeing aircraft.
The US, on the other hand, agreed to slash tariffs from 150% to 30%. Trump’s officials have also hinted that they will be ready to cut tariffs to the baseline of 10% if China makes enough steps on tariffs.
Cryptocurrencies like Mubarak, Neiro, Ethena, and Bonk prices jumped as market participants waited for Consensus Toronto. This will be a crucial event that will bring together the top leaders in the crypto industry. Some of the top speakers during the event are Charles Hoskinson, Robert Hines, Eric Trump, Dave Portnoy, Justin Sun, and Brandon Lutnick of Cantor Fitzgerald.
Historically, these events are usually highly bullish for cryptocurrencies as major announcements are made. However, the challenge is that Consensus comes two weeks after the Token2049 event in Dubai. The lineup of speakers is almost the same, meaning that there may be no news.
Crypto prices also jumped after the US released encouraging consumer inflation data on Tuesday. The report showed that the headline consumer inflation dropped from 2.4% in March to 2.3% in April. Core inflation remained at 2.8%, missing the expected increase to 2.8%.
Falling inflation raises the possibility of interest rate cuts by the Federal Reserve. However, there are chances that inflation will start rising as companies adjust their prices because of Trump’s tariffs.
Mubarak, Neiro, Bonk, and Ethena prices are soaring
Bitcoin and most cryptocurrencies have rallied on Wednesday. Mubarak price soared to a record high of $0.071, up by 237% from its lowest level this year, bringing its market cap to over $61 million. This rally makes it one of the top meme coins on the BNB Smart Chain network.
Neiro price surged to a high of $0.0007060 on Wednesday, which was almost 400% higher than its lowest level this year. The surge happened because of the rising demand for Ethereum tokens as the ETH price jumped above $2,600.
Bonk and other top Solana meme coins like Fartcoin, Official Trump, and Dogwifhat jumped as demand for Solana price soared. The market cap of all Solana meme coins has jumped by over 5.1% in the last 24 hours to over $15.2 billion. Some of the other top-performing tokens were ETHFI, Book of Meme, and Sudeng.
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