Fear Makes Quick Return to Crypto Markets as Bitcoin Plunges Most in 2 Months

Fear Makes Quick Return to Crypto Markets as Bitcoin Plunges Most in 2 Months

The U.S. Consumer Price Index showed that consumer prices rose 7.7% in October from a year earlier, below both the 8.2% growth in September and the 8% increase analysts had estimated. The price of bitcoin (BTC), which has been hammered in the past few days by fears of contagion from the calamity surrounding FTX and Alameda Research, jumped 6% in the minutes after the report. The speculation is that a slower pace of inflation will allow the Federal Reserve to ease off in its campaign to tighten monetary policy – theoretically a positive for risky assets like cryptocurrencies. Ether (ETH), meanwhile, was trading at $1,291, up from earlier lows.

Originally Posted on: https://www.coindesk.com/markets/2022/11/10/first-mover-americas-justin-sun-rises/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
By: Jamie Crawley, Omkar Godbole

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