Uniswap, Aptos, Rocket Pool prices rise ahead of US inflation data

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Written on Aug 10, 2023

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The US will publish the latest consumer inflation data on Thursday.
These numbers will provide more details about the next moves by the Federal Reserve.
The Securities and Exchange Commission (SEC) will appeal Ripple's victory.

Cryptocurrencies moved sideways on Thursday as traders waited for the upcoming US inflation data. They also wavered after the Securities and Exchange Commission (SEC) moved to appeal the partial victory by Ripple. Bitcoin was still consolidating at $29,500 while Ethereum was stuck at $1,850.

Several altcoins were in the green. Aptos price jumped by over 10% after the developers announced an artificial intelligence partnership with Microsoft, the second biggest company in the world. This announcement came ahead of another APT token unlock that will release tokens worth over $34 million. Token unlocks are seen as being bearish on cryptocurrencies.

Rocket Pool’s RPL token jumped by over 7.8% as demand for liquid staking in its network rose. There are now over 778,624 ETH staked in its ecosystem. At the current prices, these coins are worth over a billion.

Other top-moving cryptocurrencies were Uniswap, Basic Attention Token (BAT), Shiba Inu, and Chainlink. As I wrote here, Chainlink’s price jumped after the network added its price feed in Base, the new layer-2 network by Coinbase.

Cryptocurrencies will react mildly to the upcoming US inflation data. Economists expect the data to show that the country’s inflation remained higher than the Fed target of 2.0%. They believe that inflation rose from 3.0% in June to 3.3% in July while core inflation dropped to 4.7%.

Inflation numbers are important for cryptocurrencies because of their impact on the Federal Reserve. Stronger-than-expected inflation numbers will point to another interest rate hike by the Fed.

In most periods, crypto prices tend to drop in a period of high inflation since it leads to a stronger dollar. This trend partially explains why most cryptocurrency prices rose this year as the US dollar index retreated.

The US inflation numbers will come a few days after the US published mixed jobs numbers. In its report, the Bureau of Labor Statistics (BLS) said that the country’s unemployment rate dropped to 3.50% as the economy added over 187k jobs in July.