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Bitcoin and Ethereum’s price rallies over the last seven days have not, on a percentage basis, stood out that much, but the two largest cryptocurrencies have been fairly stable at their most recent prices throughout the week.

Reporting from Decrypt, Monday (17/4/2023), the price of Bitcoin (BTC) rose 7.6 percent in a week to its current price in the range of USD 30,146 or the equivalent of IDR 445.6 million (assuming an exchange rate of IDR 14,782 per US dollar).

This means bitcoin has finally broken through the USD 30,000 barrier for the first time in nine months and has managed to sustain its gains throughout the weekend of April 2023.

The main driver for the spike in Bitcoin’s value was the release of the latest US inflation figures by the Bureau of Labor Statistics. The Consumer Price Index for March revealed lower-than-anticipated inflation.

The latest reading is a strong indicator the Fed may backtrack on its policy of raising interest rates, which it has throughout 2022, making it more expensive to borrow money and ultimately driving investors away from riskier assets like cryptocurrencies and stocks.

It has also been an extraordinary week for Bitcoin’s closest rival, Ethereum rallied higher in the week, which is above 10 percent to reach USD 2,061 or the equivalent of IDR 30.46 million. On Friday, the coin penetrated USD 2,100 or the equivalent of Rp. 31 million for the first time in eleven months.

Much of Ethereum’s gain was driven by the rollout of the long-awaited “Shapella” upgrade, which wrapped up on Wednesday.

“Shapella” together refers to the two upgrades, Shanghai and Capella, which have now unlocked withdrawals of ETH staking on the network at the execution layer and consensus layer, respectively, freeing up USD 34 billion or IDR 502.6 trillion ETH that at stake in the process.