CPI report pushes Bitcoin and Ethereum prices up

Amidst the crypto crash caused by the FTX exchange, the Consumer Price Index report became the savior of the market as Bitcoin and Ethereum prices surged high and recovered from the lows.

When the FTX insolvency damaged the market price, a lot of people feared that CPI would pummel down the token prices even more. However, the report showed a 7.7% increase.

Bitcoin and Ethereum immediately recovered. BTC rose 6% from $16k to $17K while ETH surged 5.21% high in the 24h chart, from $11k to $12k.

Along with BTC, Nasdaq and S&P 100 also rose 5% and 4% respectively. According to the report, The US Federal Reserve seems to have reached the right target to control inflation.

Although this is a small improvement in crypto prices, it’s still a good sign for investors because both cryptocurrencies have a big dominance in the market, and it did have an effect on altcoins.

Based on CoinMarketCap’s 24h chart, the prices rose for other cryptocurrencies including BNB (4%), Cardano (2.89%), SOL (12.26%), SHIB (4.25%), AVAX (4.25%), and more.

Overall, the market is showing green signals while the FTX exchange is under investigation by SEC and US authorities.

Other stories