Crypto wrap: Market recovers after weeks due to softening of inflation

The US inflation cooled down to 6.5% in December as compared to a year ago

The cryptocurrency market has recovered in the last one week on the back of cooling inflation. The market cap has jumped almost $100 billion from $812 billion on January 6 to $910 billion on Friday, according to CoinMarketCap. Bitcoin was up 13 per cent during the period and was trading at $18,960. Ethereum was up 13.5 per cent and was trading at $1,411.

The US inflation cooled down to 6.5 per cent in December as compared to a year ago.

"The market's past week witnessed a significant boost, as the rally from the first week of 2023 continued.