February 6, 2023

Bitcoin (BTC) Rises 5% After US Data Relief; Ether (ETH) Rises 7% – Money Times

The fact that consumption is losing strength may be a valid argument for the central bank to pursue less accommodative economic policy (Image: Pixabay/EivindPedersen)

oh Bitcoin (BTC) And the crypto market is breathing a little easier this Tuesday (13), after the close of the Consumer Price Index. America (CBI, its abbreviation in English).

The cryptocurrency is up more than 5% this morning at $17,900 Ether (ETH) It is up over 7% to $1,340. The market capitalization increased by 4.15% and was valued at US$ 876.68 billion.

The index lost strength in November, falling from October, indicating that the Federal Reserve’s interest rate hike efforts are having an effect.

Losing consumption might be a relevant argument for the Federal Reserve to pursue a less accommodative economic policy — where the nation’s interest rates rise less — and that makes risk assets like cryptocurrencies and the Nasdaq happy.

The crypto market is pulled by the traditional risk market, however, there may still be fears. Binance, the world’s largest cryptocurrency exchange, is experiencing massive panic created by crypto users after it blocked the withdrawal of Circle USDC stablecoin.

Sam Bankman-Fried was arrested in the Bahamas on Monday night (13) and will be extradited to face trial in the US. So, nothing much has changed for the crypto market’s fear-and-hope-changing index.

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