India, July 9 -- Cryptocurrencies rallied in the past 24 hours despite an escalation in the hostilities between the U.S. and Iran as well as growing hints of an FOMC wary about inflationary pressures. Bitcoin traded between $63,165 and $61,493 during the past 24 hours whereas overall crypto market capitalization has increased a little less than a percent.
Minutes of the June FOMC released on Wednesday afternoon revealed growing concerns about the inflationary situation in the U.S. Nevertheless, cryptocurrencies have rebounded in the past 24 hours.
Participants generally noted that inflation had increased further and remained well above the Committee's 2 percent longer-run objective. They observed that both core and total inflation had mov...