Bitcoin rises to $18 000 after the US inflation report

Annual inflation was 7,1%, below investors’ expectations

13.12.2022 - 16:05

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Bitcoin and crypto prices soared following lower-than-expected U.S. inflation data for November. Crypto stocks bounced in line with U.S. stock futures.

Bitcoin was hurtling toward $18,000 shortly after U.S. CPI data was released today. The price of the leading cryptocurrency by market cap jumped by over $700 following the release at 8:30 a.m. EST. Bitcoin was trading at $17,890 at 8:40 a.m. today.

Ether rose 6% following the news, trading at about $1,327. Binance's BNB token was little changed on the information as withdrawal issues continue to hamper the token. Dogecoin and Ripple's XRP jumped over 4%, while Cardano's ADA tacked on 1.7%.

Interest rate traders are now pricing in an 81% chance of a 50 basis point increase by the FOMC tomorrow, according to the CME's FedWatch tool.

Coinbase soared 6.92% to trade at $45.52 by 8:45 a.m. in pre-market trading.

Jack Dorsey's Block rose 6.34% to trade above $70 for the first time since early November. MicroStrategy gained 5.17% to trade around $206.

Silvergate's gains were more modest, adding 1.2% to trade at $21.50.

This material is taken from the website theblock.co.

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