Why Bitcoin, Ethereum And Dogecoin Suddenly Exploded Higher Today? – Bitcoin (BTC/USD), Dogecoin (DOGE/USD)
BitcoinBTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USDall spiked higher on heavy volume during U.S. pre-market trading. Several cryptocurrencies aretrading higher in sympathy with major U.S. indices following key U.S. 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 sessionfollowing a CoinDesk report suggesting Binance isscrappingthe 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 itsproposed 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 U.S. 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
