Solana and Chainlink Lead Crypto Rally With Double-Digit Gains
Main Idea
Cryptocurrencies like Solana and Chainlink surged following lower-than-expected July CPI data, increasing bets on a September Fed rate cut, while Monero faced a significant drop due to 51% attack fears.
Key Points
1. Solana and Chainlink surged over 12% after July CPI data showed annual inflation at 2.7%, below forecasts, boosting expectations of a Fed rate cut.
2. Ethereum, Cardano, Dogecoin, Sui, and XRP also saw gains, with Ethereum rising 8.6% and Cardano adding 8.9%.
3. U.S. Treasury Secretary Scott Bessent suggested a 50-basis-point rate cut in September, citing favorable inflation data.
4. Monero (XMR) dropped nearly 25% amid fears of a 51% attack, contrasting with gains in other privacy-focused cryptocurrencies like Zcash and Dash.
5. Bitfinex analysts noted a surge in open interest for major tokens, rising from $26 billion to $44 billion, indicating increased market activity.
Description
Solana and Chainlink led broad altcoin gains after a softer inflation print fueled expectations of a Fed rate cut amid institutional demand.
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