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Due to important economic data and strategic developments in the broader blockchain ecosystem, the cryptocurrency market saw a significant price increase today. Major tokens like Bitcoin and Ethereum rose in response to the latest U.S. inflation figures and advancements within the crypto industry. Bitcoin and Ethereum Prices Surge as Inflation Cools
Bitcoin price gained momentum immediately after analysts released the Consumer Price Index (CPI) data on Thursday. The CPI indicated a 2.4% annual price rise for goods and services in March, which was lower than the predicted increase of 2.6%. Additionally, core inflation fell to 2.8%, even though economists had anticipated it would reach 2.9%. This recent inflation rate reflects an improvement compared to February's core inflation figure of 3.1%.
The cooling inflation data fostered optimism in both traditional and digital asset markets. During this period, Bitcoin climbed to $82,000, marking a 7.5% increase, while Ethereum experienced an 11% rise. Investors exhibited increasing confidence in the markets due to the cooling inflation and the stability of economic conditions. Crypto strategist David Hernandez from 21Shares stated that the upcoming CPI report will shed light on the full effects of recent adjustments to American trade policy.
Another substantially important piece of news for the blockchain space is Interchain Labs' announcement of IBC Eureka, a bridge protocol between the Cosmos and Ethereum ecosystems. The Inter-Blockchain Communication (IBC) Eureka is based on the second-generation IBC protocol, which aims to provide fast, cheap, and safe connections between various blockchain networks.
Ethereum has now become the first non-Cosmos network to join the IBC ecosystem. The protocol reduces transaction fees, including gas and relay costs, from Ethereum to Cosmos to less than $1. This move is expected to expand the liquidity and composability of decentralised finance (DeFi) applications across multiple chains. Interchain Labs co-CEO Barry Plunkett stated that IBC Eureka would allow developers to create new applications that unify fragmented liquidity and protocols, significantly advancing cross-chain communication.
VanEck Avalanche ETF applied through Nasdaq to obtain SEC approval. Investors can gain exposure to the AVAX token by using this fund, which operates as an exchange-traded fund but does not require owning tokens directly. Vaneck will handle the ETF's asset management, and a third-party institution will provide its price stability.
VanEck has submitted its fourth attempt at launching a crypto-backed ETF after prior attempts to introduce Bitcoin, Ether and Solana ETFs. The drop in crypto market value during 2025 resulted in AVAX losing 56% of its value however, the ETF application demonstrates ongoing investor interest in cryptocurrency financial products.
