ADA, SHIB and XRP rise as Bitcoin climbs $17,000: Details
Several altcoins posted mild gains along with a sudden surge in Bitcoin’s price
At the time of publication, major cryptocurrencies Cardano (ADA), XRP (XRP), Shiba Inu (SHIB) and Polygon (MATIC) were seen with gains between 5% and 15%. Bitcoin suddenly regained the $17,000 mark after dropping to an intraday low of $15,748 when Data for the consumer price index released on Thursday revealed that inflation eased more than expected in October, which is welcome news for the Federal Reserve after months of only sporadic progress in bringing down inflation.
US CPI registered 7.7% in October, falling below 8% again after seven months, the smallest increase since January 2022. It was below expectations of 8% and last month’s 8.2%. This will reduce pressure on the Fed to slow rate hikes.
— Wu Blockchain (@WuBlockchain) 10 November 2022
Although inflation remains high, it fell significantly last month. Consumer prices rose 7.7% in the year to October, less than the 7.9% economists had expected and down from 8.2% in the year to September. Between September and October, monthly price increases rose by 0.4%, corresponding to the previous month.
The “core” inflation index eased from 6.6% in the previous reading to 6.3% annually. Fed Chairman Jerome Powell also hinted at a modest rate hike by the central bank in 2011.
The crypto market had previously fallen at the beginning of the week on the news of the FTX explosion. Prices fell further after investors learned that Binance pulled out of the FTX acquisition deal.
ADA, SHIB and XRP rise as altcoins rebound.
At the time of publication, several altcoins posted mild increases along with the sudden increase in Bitcoin’s price. Cardano (ADA) was up 4.5% at $0.37. With a market cap of $12.75 billion, Cardano currently ranks as the eighth largest cryptocurrency, bumping the meme cryptocurrency into ninth place.
Shiba Inu rose 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 Shibbur website, the burn rate of the Shiba Inu was up almost 500%. Meanwhile, 5,712,508 SHIB were burned in the last 24 hours.
XRP is up a little over 2% over the past 24 hours and was trading at $0.384 at press time. Ripple is getting more support in the ongoing lawsuit as Reaper Financial, which uses XRPL and XRP native assets, has filed for leave to file an amicus brief in support of the Ripple defendants’ motion for summary judgment.
At the time of publication, BTC was trading at $17,431.
