While the cryptocurrency industry is caught in what seems to be one of the largest debacles of the year, the US Bureau of Labor Statistics just published the numbers for the Consumer Price Index.
The reality beat expectations, resulting in a massive spike in Bitcoin’s price, which reached $17,800 on Binance.
- The US Bureau of Labor Statistics just published the CPI for October, clocking in at 7.7%, increasing 0.4%, seasonally adjusted.
- The expectations were mostly for the number to be closer to 8%, which resulted in a positive outcome for the cryptocurrency market.
- Bitcoin’s price soared to $17,800 (on Binance) before retracing to where it currently trades at around $17,300.
- All eyes remain on how the situation around FTX will resolve. A recently-leaked internal memo from SBF revealed that the company will attempt to raise funds in the coming days with aim of patching the hole in its balance sheet.
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Source: https://cryptopotato.com/bitcoin-pumps-toward-18k-as-us-inflation-better-than-expected/