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Ouch, Brits cried out in unison after seeing this mornings inflation read.

Instead of an expected three basis point fall, year-on-year consumer prices remained sticky at 8.7%, with core prices actually increasing three basis points to 7.1%.

This all but confirms yet another interest rate hike from the Bank of England tomorrow, bringing the running total to a bakers dozen.

Bitcoins price fell half a percent immediately following the inflation call, but substantial gains over the past two days have kept the BTC/USDT pair in a healthy position.

Following a 5% surge on Monday and further gains in this mornings Asia reading window, bitcoin BTC/USDT managed to hit six-week highs of US$29,000 before a slight correction back to US$28,870 in recent hours.

Bitcoin (BTC) nabs a sharp price rally Source: currency.com

Much of the bullishness was due to the launch of EDX Markets, a news cryptocurrency exchange backed by traditional financial heavyweights Fidelity, Charles Schwab (NYSE:SCHW) and Citadel.

Products traded on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

In a time when incumbent crypto exchanges such as Coinbase, Binance and Kraken are feeling the regulatory whip, EDX sounds like it could be a gamble, but chief executive Jamil Nazarali touted EDXs compliance and investor protections under a new non-custodial model.

EDXs prospects aside, the crypto markets clearly saw this as a bullish move that could open bitcoin and Ethereum up to swathes of new investors.

The ETH/USDT pair didnt see as much upside as BTC/USDT, but still managed to add over 3% to change hands at US$1,812 at the time of writing.

The altcoin space enjoyed a boost too, with Solana (SOL), Cardano (ADA), Polygon (MATIC) and LTC enjoying mid-to-high single-digit gains.

However, as discussed yesterday, bitcoins dominance has consistently surged as altcoins become increasingly out of favour among the cryptocurrency community.

At 51% of the global cryptocurrency market capitalisation of US$1.14tn, bitcoins dominance of the wider crypto markets remains at a two-year high.

Read more from the original source:

Bitcoin and Ethereum: Markets digest UK inflation and Fidelity ... - Proactive Investors USA