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Cryptos Recover Slightly From FTX Fatigue With a Dose of Encouraging Inflation Data

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Written by

Edna Buckley
Published on

November 11, 2022

Key points:

  • Bitcoin, which traded today near $18,000, has risen more than 13% in the past 24 hours, making its dip below $16,000 on Wednesday.
  • Ether recently changed hands above $1,300, up nearly 17% from the same time.
  • All the other cryptocurrencies in the top 20 by market cap have surged into double digits.
  • Stocks surged for their biggest gain in two years as investors celebrated encouraging CPI inflation data.
  • The reason for optimism is a better-than-expected CPI report on Thursday suggested the Fed's recent hawkish 75 basis point rate hike is working to ease a year-long run of high inflation.

Price action

On the fourth day of a near-death experience on crypto exchange FTX, the crypto markets sighed and did what they used to do: rally.

They had a reason for optimism after a better-than-expected CPI report on Thursday suggested the Fed's recent hawkish 75 basis point rate hike is working to ease a year-long run of high inflation.

Bitcoin, which traded today near $18,000, has risen more than 13% in the past 24 hours, making its dip below $16,000 on Wednesday — its highest level since late 2020 — looking outdated.

Ether recently changed hands above $1,300, up nearly 17% from the same time Wednesday. All the other cryptocurrencies in the top 20 by market cap are starting to feel more like themselves again, and have surged into double-digits as FTX and inflation fatigue eased – at least temporarily. Even FTX's battered FTT token, whose accumulation at the exchange's sister company Alameda Research sparked the current chaos, surged more than 50% to $3.40. Solana's SOL also featured prominently on Alameda's balance sheet and stunned investors, with shares up more than 40%.

Stocks surged for their biggest gain in two years as investors celebrated encouraging CPI inflation data. The tech-heavy Nasdaq gained 7.3%, while the S&P 500 and Dow Jones Industrial Average (DJIA) gained 5.5% and 3.7%, respectively.

Technical records

Despite the underperformance of the market in its short history, cryptocurrency prices have been volatile.
BTC's Nov. 9 drop was the 10th largest since 2015, although it was only the second largest in 2022, underscoring the turbulence of the year.

(CoinMarketCap)

(CoinMarketCap)

 

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