Following the release of the consumer price index report, the price of the virtual currency jumped.
According to Coin Metrics, there was a 5% increase in the price of the digital currency. It reached its highest level in more than a month at one point. The price of ether increased to $1,339
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Line chart with 385 data points.The chart has 1 X axis displaying Time. Range: 2022-12-13 04:00:00 to 2022-12-13 10:24:00.The chart has 1 Y axis displaying values. Range: 17000 to 18000.End of interactive chart.
The November U.S. consumer price index, which measures a wide basket of goods and services, showed a small increase from the month before.
The economists had expected a small increase. The investor hopes that the Fed will slow the pace of rate hikes.
The index gained 7.1% compared to expectations.
The 10-year Treasury yield fell as a result of the lighter-than- expected report. Future profits are less attractive due to rising yields.
A spike from earlier in the morning suggests buy pressure has been building, according to an economist at a newsletter.
She told CNBC that more are starting to believe that the bottom may be in.
She said that the uncertainty around further contagion is still the main overhang and any bad news there could send prices much lower.
Sam Bankman-Fried, the leader of the once popular exchange FTX, was charged Tuesday by the Securities and Exchange Comission for fraud. There are concerns about customers withdrawing from the largest exchange.
Since the big tumble that followed November's FTX blowup, the macro environment has driven the asset to some extent, even as the FTX scandal shook investors'confidence.
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