American Inflation Drops to 7.7%, Bitcoin and Crypto Rise!
Navigasi - After the crypto market fell due to the FTX drama, the crypto market experienced an increase. The CPI index report on November 10, 2022 which showed that United States inflation declined to 7.7% from the previous 8.2% was the trigger for the increase.
|American Inflation Drops to 7.7%, Bitcoin and Crypto Rise!|
The crypto market reacted positively and rose but was still below the price before the FTX drama happened.
Bitcoin price was at its lowest price this year at $15,600. Just as yesterday's CPI index was announced, Bitcoin was up +7.4% in just one candlestick per hour to $17,650 and then posted a high of $18,150 in the last 24 hours.
Bitcoin is currently trading at a price of $17,300 as of November 11, 2022 at 13:00 WIB.
When compared to before the FTX drama where Bitcoin was at $20,600, this increase is still nothing compared to the decline that has occurred. Bitcoin is still down -16% from the price before the crash.
Not only Bitcoin, almost all altcoins experienced a momentary increase in one significant candlestick starting from big cap coins such as ETH with an increase of +9.8%, BNB +8.7%, and ADA +7.3%.
Even the crypto assets that have been in the spotlight recently, namely the FTX Token (FTT) and Solana (SOL) related to Alameda, also experienced an increase after falling deeply, but not significantly compared to the previous decline.
FTT was up +38.1% from $2.8 to $3.8 right after the CPI index came out and SOL was up 17% from $14.9 to $17.4.
When viewed from the crypto market capitalization, the crypto market has lost $240 billion or around IDR 3,700 trillion after the FTX drama. Thanks to yesterday's CPI report, the crypto market achieved a valuation increase of $83.5 billion or around Rp1,287 trillion. As of November 11, 2022, the valuation of the crypto market is $882.4 billion.