December 14, 2022

Bitcoin, Ethereum Jump After Release of CPI Report


Bitcoin and Ethereum

The prices of the biggest two cryptocurrencies in terms of market value, Bitcoin and Ethereum, slightly increase against the backdrop of the release of the latest Consumer Price Index (CPI) report.

CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The CPI increased 0.1% in November compared to 0.4% in October, a matter which indicates that the inflation is cooling.

Bitcoin (BTC) increased by more than 3% over the past 24 hours and is now trading at roughly $17,700. While Ethereum jumped by about 6% over the past 24 hours to hit around $1,320 in trading. Other cryptocurrencies like XRP, Dogecoin, and Polygyn achieved gains also by 4%, 5%, and 4%, respectively.

According to Coin Desk, crypto traders are monitoring the US Federal Reserve whether will increase the interest rate, which is expected to be raised by half a percentage point on Wednesday, a matter which lowers the market value of high-risk/high-return assets such as cryptocurrencies.

Earlier this month, a CNBC report found that Americans’ views on cryptocurrencies have sharply deteriorated after a series of problems, collapses, and bankruptcies in the crypto scene.

The survey revealed only 8% of the American public has a positive view toward cryptocurrencies in November, decreasing from 19% in March. While 43% of Americans have a negative view of cryptocurrencies from 25% in March and those who are neutral became 18% from 31% in the same period.

This year witnessed the launch of about 5,000 new cryptocurrencies.

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