On February 14, Ethereum, the second-largest cryptocurrency by market capitalization, saw a surge in value following the release of the Consumer Price Index (CPI) report in the United States. Despite showing a slight decrease in inflation (only about 0.2%), the report was enough to make Ethereum gain value and surge past the $1,500 mark.
The CPI report is a key indicator of inflation in the United States, measuring the average change in the prices of goods and services over time. The report for January 2023 showed a 0.2% decrease in inflation, which was unexpected by many experts.
Ethereum Surged Past $1500
Since the data was announced, Ether jumped from about $1,499 to $1,560 in the span of a couple of hours. The cryptocurrency saw a lot of buying pressure since the report, the overall 24-hours trading volume jumped from $6.8 billion to $9 billion in that same time frame.
Despite the small decrease in American inflation, the fact that the rates are steadily going down month after month gives investors hope that once the Federal Reserve completely tames inflation, interest rates will have nowhere to go but down.
This means that despite the scenario not being ideal for the crypto market, it is still possible to hold an optimistic view of the future of the market.
NFT Marketplace Blur Airdropping Tokens Could Have Affected ETH Price
Blur ($BLUR), a marketplace for NFTs on the Ethereum (ETH) network, has announced that its token airdrop is now available to pre-selected users.
The free distribution of tokens marks a significant development for the platform, which is a competitor to OpenSea, the largest NFT marketplace on the Ethereum network. In January, Blur was the third-largest NFT market by volume, according to data from The Block Research.
While OpenSea currently does not offer tokens, there is speculation that the platform may soon introduce a free distribution of its own. Despite OpenSea’s current dominance, Blur’s airdrop could help to attract new users and cement its position as a leading marketplace for NFTs on the Ethereum network.
