US consumer price inflation in October eased to 7.7% in October, its lowest year-on-year level since January. On this same day last year, CPI hit its highest level since 1990 that led to Bitcoin and Ethereum hitting all-time-high.
Compared with the forecast of 7.9% of economists, the US CPI had a slight decrease. In the previous interest rate adjustment, the Fed continued to hike its key interest rate by another 0.75% to combat inflation. Thus, the Fed’s interest rate hike has finally somewhat curbed inflation in the US that remains at four-decade highs throughout the months of 2022.
Bitcoin, which fell to a new two-year low of $15,554 on Wednesday due to the FTX blowup, gained a quick $1,000 in the minutes after the report. At the time of writing, BTC is trading $17,606 on CoinMarketCap. ETH also rose to $1,331.
The cryptocurrency that suffered heavy losses recently – FTT – did not show any positive signs while still trading around the threshold at $3.4. SOL still jumped to $17.50 despite rumors that a large number of SOL was set to be unstaken on Wednesday.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork