United States – Cryptocurrencies bounced back on Thursday, November 10, as the crypto market paused from a two-day sell-off. On another note, Bitcoin increases by 9%, amounting to $17,967.53.
Digital assets rose as the market took a halt from its sell-off despite the current issue of cryptocurrency exchange platforms Binance and FTX and the inflation data. Another good news that crypto traders boast about is the increase in the price of Bitcoin. It rose to 9%, which was $17,967.53. As per Coin Metrics, ether also jumped 13%, amounting to $1,325.78.
Digital assets increased around the moment CPI data were available, and this data showed an increase, less than the expected performance. This data provided investors’ confidence that price pressures might be cooling and enthusiasm during moments when there’s fear.
According to Valkyrie’s chief investment officer, Steve McClurg, the performance of these digital assets began as a relief rally after the big sell-off. However, it turned into a rumor, along with other risk digital assets, that the Fed may delay the rate of hikes after the CPI print, which was lower than expected.
According to Coin Metrics, the correlation of Bitcoin with stocks reached an all-time high last September. However, the price dropped for almost a month despite seeing a small tick-up on November 9, Wednesday. Stocks rallied as well, following the data of CPI.
Callie Cox from eToro stated that the industry is shifting before everyone’s eye, and the high-rate area can change to a young crypto market. As per Cox, it is challenging to absorb from a price standpoint since digital assets don’t have an underlying center of gravity. However, we know that society is pushing for a decentralized opportunity, and Blockchain technology has proved useful.
The increase also came from investors, who are still absorbing the details of the current crisis FTX is experiencing and the probable corruption its failure may put on across the market. Bitcoin posted a two-day loss on November 9, Wednesday, which was 24%. The price dropped to a bear market low, amounting to $15,558.10. However, Bitcoin stays over 70% from its all-time high.
Ether and Bitcoin, the biggest digital assets by market capitalization, guided the rest of the crypto market higher. Solana rose 30% after its 70% loss, and the FTX crisis affected this company.
Investors are monitoring the FTX crisis, and it’s still uncertain on the amount of destruction that hit the rest of the crypto market.
Sam Bankman-Fried, the CEO of FTX, finally provided a statement regarding the crisis. He apologized to investors and the crypto industry for the failures in the liquidity crisis.