There’s a new U.S. inflation reading, and the doors are now open for crypto firms to operate within the banking system. Together, they give traders plenty to keep an eye out for.
U.S. inflation at 3.4% in July
U.S. inflation was subdued in July; price pressures are perhaps moving in the right direction.
The annual CPI rate came in at 3.4%, matching market expectations; that’s down from the 3.5% in June. On a monthly basis, prices rose 0.1%, after falling 0.4% in June.
The important part is that inflation did not surprise to the upside. There’s not a lot of pressure on the Fed to stay more aggressive.
For Bitcoin and other risk assets, inflation is generally more supportive.
OCC opens the door for crypto firms
In addition, the industry also got a regulatory boost.
The Office of the Comptroller of the Currency [OCC] said firms involved in legally permitted digital-asset activities should have a pathway to apply for a national bank charter. Simply put, eligible crypto companies could be part of the same federal banking framework used by traditional institutions.
America and the OCC are once again open for business.
