The CPI Report Raised The Prices Of Bitcoin, Ethereum And Dogecoin

  • The November CPI rose to 0.1%, and the energy index declined to 1.6%.
  • Ethereum’s next upgrade is Shanghai.
  • The latest CPI report raised the prices of Bitcoin, Ethereum and Dogecoin.

US stocks rose on Tuesday after the announcement of the Consumer Price Index (CPI) report. The November CPI rose to 0.1% from the last month and showed a growth rate of 7.1% from a year ago. The largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, are also enjoying a slight growth rate due to the latest CPI report. As per the CPI report, the energy index declined 1.6% for the month, and food prices rose 0.5%.

On Monday, the news of Binance selling all its FTX tokens affected the price of both Bitcoin and Ethereum, but the latest CPI report raised the prices. Bitcoin jumped by around 4%, currently trading at $17,776. Ethereum price rose by nearly 5%, currently trading at $1,320. The global crypto Market Cap was around $870.39 billion, with a 3% increase over the last day. Meanwhile, the top ten cryptocurrencies are trading at XRP (2.34%), Polygon (3%), and Dogecoin (2.33%).

According to CoinMarketCap data, today’s top gainers are Toncoin, Fantom, and Lido DAO, with a growth rate of 10.11%, 9.59%, and 8.57%, respectively. Meanwhile, GMX (9.75%), Stacks (6.82%), and Neutrino USD (6.15%) are the top losers.

High interest rates have greatly affected stocks, investors and cryptocurrencies. Due to high interest rates, cash flow in the economy has slowed down. The United States central bank has raised interest rates by 75 basis points – four times – in a bid to tame record-high inflation. Analysts predict future interest rates will rise by 50 basis points or 0.50 percent.

Robert Frick, a corporate economist with Navy Federal Credit Union, stated, “cooling inflation will boost the markets and take pressure off the Fed for raising rates, but most importantly this spells real relief starting for Americans whose finances have been punished by higher prices. This is especially true for lower-income Americans who are disproportionately hurt by inflation.”

The Next Upgrade Of Ethereum Is “Shanghai”

After the Merge, the next upgrade on Ethereum will be “Shanghai.” For the Shanghai upgrade, Shandong will act as a testnet. This new Ethereum upgrade will help the users to withdraw their Ether that was staked for a long time (few years) systematically and securely.

Recently, Ethereum suspended withdrawals of staked Ether on Beacon Chain. Users must depend on liquidity tokens if they want to utilize those assets on Beacon Chain. On September 15, 2022, Beacon chain was merged with the original Ethereum PoW chain to maintain security and scalability on the platform.

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