Why Bitcoin, Ethereum and Dogecoin Suddenly Exploded Higher Today? – Bitcoin (BTC/USD), Dogecoin (DOGE/USD)

Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD all increased due to heavy volume in premarket trading in the United States. Several cryptocurrencies are trading higher in sympathy with major US indices following key US economic data, which showed slowing inflation and rising unemployment insurance claims. This alleviated some concerns about high inflation and a tight labor market.

Separately, Crypto saw marked volatility in Wednesday’s session following a report from CoinDesk suggesting that Binance is abandoning the acquisition of FTX. Our Benzinga team reported on Wednesday that after less than a day of valuation of the company, cryptocurrency exchange Binance would have “very little chance” of proceeding with its proposed acquisition of struggling rival FTX. .

What happened with the CPI data?

The headline CPI rose 7.7% in October, from 8.2% in September, according to data from the US Bureau of Labor Statistics.

October’s CPI reading was below economists’ average estimates of 8%.

Thursday’s highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth consecutive time in an ongoing fight against historically high inflation…Read more

According to Benzinga Pro data:

BTC is 10.37% higher at $17,554.20

ETH is 17.95% higher at $1,290.00

DOGE is 17.85% higher at $0.088

Leave a Comment

Your email address will not be published. Required fields are marked *