Ethereum Soars Past $4,600 as CPI Data Sparks Crypto Rally

Cryptocurrencies experienced a significant surge following the release of July’s U.S. Consumer Price Index (CPI) data. The headline CPI fell below market expectations at 2.7%, marking a positive turn for investors and fueling optimism about potential Fed rate cuts. Ethereum, as a result, reached its all-time high of $4,600, while meme coins like PUMP and Fartcoin also enjoyed significant gains. The market’s reaction underscores the heightened sensitivity of cryptocurrencies to inflation data.