Bitcoin was trading higher than the total intraday Thursday evening cryptocurrency The market cap rose 0.2% to $923.3 billion as of 9:02 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.4% | -3.2% | $19,411.87 |
| ether ETH/USD | -0.4% | -5.2% | $1,290.06 |
| Dogecoins DOGE/USD | 0.3% | -6% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +18.6% | $0.05 |
| Ethereum name service (ENS) | +12.6% | $19.43 |
| synthesis (SNX) | +5.7% | $2.19 |
See also: The best cryptocurrency brokers
Why it matters: Bitcoin traded higher while the second largest coin — ether — fell at the time of writing.
On Thursday, Bitcoin fell as low as 18,319.82 while Ethereum slipped to 1,209.28. At the time of writing, the two coins had rallied 5.96% and 6.68% off their intraday lows, respectively.
The Apex coin was in the green for a day as stocks closed higher despite inflation being hotter than analysts estimated. The S&P 500 and Nasdaq closed up 2.6% and 2.2%, respectively, on Thursday.
The USA work department reported one 8.2% YOY increase in CPI compared to an estimated increase of 8.1%.
“Fed tightening will remain aggressive at a pace of 75 basis points in November and possibly December. Monetary policy will quickly turn tightening and that will no doubt push inflation lower,” he said Edward Moyaa senior market analyst OANDAin a note Benzinga saw.
Speaking on Bitcoin, Moya said: “Bitcoin came dangerously close to the summer lows but has now recovered above the $19,000 level. Technical selling could get ugly for Bitcoin on the break of $17,500 but for now it seems like the consolidation pattern is set to continue.”
The analyst said that inflation in the United States is “entrenched” and Fed rate hikes would “dim appetite for risky assets, including Bitcoin.”
Michael…
