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Bitcoin and Ethereum surge as US equities rally on inflation slowdown

Bitcoin saw a rise in value of 2.54% to $30,769 in 24 hours to 9am Hong Kong time, gaining 9.47% over the week, as the leading cryptocurrency gains ground as a hedge against recession and inflation. The London Stock Exchange also announced it is partnering with GFO-X, the UK’s first regulated and centrally cleared trading venue for digital asset derivatives, to offer Bitcoin index derivatives trading and clearing services in the UK. Ethereum surged almost 10% after its network’s Shanghai upgrade, breaching the $2,000 mark for the first time since August 2022. It was joined by Cardano and Dogecoin, which both posted gains after their parent companies announced new products. Meanwhile, US equities rallied as a result of softer readings on the US producer price index and jobless claims, with analysts suggesting the Federal Reserve could end its year-long cycle of raising interest rates to curb inflation.

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