Following lower-than-expected U.S. inflation numbers for November, the price of bitcoin and other cryptocurrencies skyrocketed. In sync with U.S. stock futures, cryptocurrency stocks jumped.
Following the U.S., Bitcoin was rapidly approaching $18,000. Today saw the announcement of CPI figures. Following the announcement at 8:30 a.m., the price of the top cryptocurrency by market cap increased by more than $700. EST. At 8:40 a.m., Bitcoin was trading for $17,890. today.
Following the news, the price of ether increased by 6% to roughly $1,327. The information showed little change in Binance's BNB cryptocurrency, which is still having withdrawal problems. Ripple's XRP and Dogecoin's XRP both increased by nearly 4%, while Cardano's ADA added 1.7%.
According to the CME's FedWatch tool, interest rate traders are currently pricing in an 81% chance of a 50 basis point hike by the FOMC tomorrow.
The news caused U.S. stock futures to soar, with the S&P contract rising 2% and the Nasdaq 100 contract rising 2.7%.
By 8:45 a.m., Coinbase had increased 6.92% to trade at $45.52. in trade before the open.
Since early November, Jack Dorsey's Block hasn't traded above $70. Today, it increased 6.34% to do so. To trade at about $206, MicroStrategy rose 5.17%.
More subdued, Silvergate gained 1.2% to trade at $21.50.