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BitcoinBTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USDall spiked higher on heavy volume during US pre-market trading. Several cryptocurrencies aretrading higher in sympathy with major US indices following key US economic data, which showed a slowdown in inflation and a rise in jobless claims. This has alleviated some concerns of high inflation and a tight labor market.
Crypto otherwise sawmarked volatility during Wednesday’s session following a CoinDesk report suggesting Binance is scrapping the FTX acquisition. Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly very unlikely to proceed with its proposed acquisition of struggling rival FTX .
What Happened With CPI Data?
The headline CPI rose 7.7% in October, downfrom 8.2% in September, according todatafrom the US Bureau of Labor Statistics.
The OctoberCPI reading came in below average economist estimates of 8%.
Thursday’s highly anticipated CPI inflation reading comes a weekafter the Federal Reserve raised its benchmark rateby 0.75% for the fourthstraight timein a continued fight against historically highinflation…Read More
According to data from Benzinga Pro:
BTC is higher by 10.37% to $17,554.20
ETH is higher by 17.95% to $1,290.00
DOGE is higher by 17.85% to $0.088
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