The major coins regained momentum late Thursday after plunging a day earlier following the release of weak economic data. The globe cryptocurrency The market cap was up 8.85% to $880 billion as of 8:41 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 7.8% | -13.85% | $17,454.51 |
| ether ETH/USD | 11.9% | -16.85% | $1,278.40 |
| Dogecoins DOGE/USD | 18.6% | -22.9% | $0.09 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| chilli (CHF) | +38.9% | $0.22 |
| polygon (MATIC) | 30.5% | $1.11 |
| FTX Token (FTT) | +34.6% | $3.42 |
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Why it matters: win one Dogecoins surpassed the in Bitcoin and ether at the time of writing, after cryptocurrencies rallied following data showing October inflation cooled to 7.7%below estimates of 8%.
Thursday’s data shows steps have been taken by the US federal reserve have an effect on the dampening of price increases.
“This inflation report was a nice surprise. Inflation has come down very slowly, but this report is daunting that this slowdown with price pressures could bring back hopes of a soft landing,” he said Edward Moyaa senior market analyst at OANDA.
“This inflation boded well that the Fed is on track to win this war on inflation, but many variables will still be thrown in the way over the next few quarters. The Fed could easily take rates to 5.00%.” and if inflation proves true [more sticky]it could be as high as 5.50%,” Moya said in a note seen by Benzinga.
Commenting on the current crisis, Moya said: “FTX contagion risks remain high and while today’s broad-based crypto rally is quite impressive with Bitcoin up over 10% and Ethereum up 16%, cryptocurrency investments here will likely struggle, as too many major institutions have investors and crypto companies tied up money with the bankruptcy…
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