Several altcoins were posting mild increases alongside sudden gain in Bitcoin’s price
At the time of publication, major cryptocurrencies Cardano (ADA), XRP (XRP), Shiba Inu (SHIB) and Polygon (MATIC) were seen posting gains of between 5% and 15%. Bitcoin Reclaims $17,000 Mark After Sudden Drop to Intraday Low of $15,748 consumer price index data The release on Thursday showed inflation slowed more than expected in October, which is welcome news for the Federal Reserve after months of making only sporadic progress in bringing inflation down.
Although inflation is still high, it significantly decreased last month. Consumer prices increased by 7.7% during the year through October, less than the 7.9% economists had expected and down from the 8.2% during the year through September. Between September and October, monthly price increases rose by 0.4%, matching the prior month.
The “core” inflation index slowed to 6.3% annually from 6.6% in the previous reading. Fed Chair Jerome Powell also hinted at a modest rate hike by the central bank in 2011.
The crypto market had previously tumbled in the early part of the week on the news of the FTX blow-up. Prices further cascaded after investors learned that Binance was backing out of the FTX acquisition deal. ADA, SHIB and XRP are up as altcoins rebound.
At the time of publication, the sudden increase in the price of bitcoin was accompanied by a slight increase in several altcoins. Cardano (ADA) gained 4.5% to $0.37. With a market capitalization of $12.75 billion, Cardano currently ranks as the eighth largest cryptocurrency, slipping the meme cryptocurrency to ninth place.
Shiba Inu was up 5% as it erased an extra zero from its price tag. At the time of publication, it was trading at $0.0000104. According to the Shibburn website, the burn rate of Shiba Inu was up nearly 500%. Meanwhile, 5,712,508 SHIB were burned in the last 24 hours.
At press time, XRP is up a little over 2% over the past 24 hours and is trading at $0.384. Ripple is finding more support in the ongoing lawsuit as Reaper Financial, which uses XRPL and XRP native assets, has sought leave to file a brief in support of the Ripple defendant’s Motion for Summary Judgment.
At the time of publication, BTC was trading at $17,431.
