Bitcoin, Ether surge to 4-week high as Inflation cools
Following lower-than-expected inflation numbers for November in the United States, the price of Bitcoin and other cryptocurrencies skyrocketed. Cryptocurrency stocks jumped in sync with US stock futures.
Immediately after yesterday’s announcement of the CPI figures, Bitcoin, the largest crypto by market capitalisation, broke the $ 18,000 psychological barrier, and saw a nearly $ 700 price increase. Following the news, the price of Ether increased by 6 percent to roughly $ 1,327. There was little change in Binance’s BNB cryptocurrency, which temporarily paused USDC withdrawals. Ripple’s XRP and Dogecoin’s Doge both increased by nearly 4 percent, while Cardano’s ADA added 1.7 percent.
The top three performers of the day were layer 1 blockchain Avalanche, layer 2 rollup Optimism, and liquid staking giant Lido, each of which is up around 10 percent. Gains Network (GNS) and GMX, two decentralised derivatives protocols, have seen increases of 50 percent and 30 percent, respectively, during the past 30 days. For the first time, the total value locked (TVL) on GMX has surpassed $ 900M.
The collapse of FTX and the general disapproval of centralised exchanges may be motivating traders to look at other platforms. Read full here
