How has the release of inflation rates affected the price of cryptocurrencies?

The CPI report indicates that the inflation rate has started to slow down, giving the cryptocurrency prices a chance to settle down after a tumultuous week. The price of Bitcoin has begun to rise again after falling below its bottom from June, and it appears that the rest of the cryptocurrency market is on the verge of recovering as well. 

The government's release of CPI (consumer price index) statistics reveals a slower growth than was predicted. The consumer price index has only grown by 0.4% according to the most recent data, which is a huge relief for those who were anticipating an increase of between 0.6% and 0.8%.

These figures inspired bulls to stage a relief rally after the US midterm election results sparked a severe sell-off and drove the price of Bitcoin as low as $15.48k. The recovery has caused the price of Bitcoin to exceed $17,000.

Though this recovery isn't the outcome of a bullish engulfing pattern, there is still reason for optimism because a seller's market has developed in the cryptocurrency arena.

This Bitcoin intraday chart demonstrates how bulls have begun to intervene. On November 11, however, there were some sell-offs in the early morning hours.

The cryptocurrency Ethereum has also started to climb back, closely following this pattern. The price of Ethereum is over $1.2k as of this writing.

While it is unknown how long this rally will endure, many believe that the worst is over. Despite the fact that the price increases of Bitcoin and Ethereum have started to inspire hope, FTT and other cryptocurrencies are less fortunate.

Within four days, the native cryptocurrency of the FTX cryptocurrency exchange fell from $22 to $3.2. People's trust in this formerly top cryptocurrency exchange has started to decline as more information regarding the creator of FTT's misuse of users' assets comes to light. The fact that Binance decided not to save FTX when it became evident that it couldn't be saved was a significant factor in this demise. Does that imply that FTT will end up in the same situation as LUNA?


The intra-day trade chart demonstrates that may not be the case because Sam Bankman-Fried still enjoys some goodwill in the cryptocurrency community.

Sam Bankman-Fried apologized in public on Thursday after remaining silent about the matter for so long. According to early estimates, SBF lost 94% of his $16 billion fortune in a single day and is now pleading for massive financial assistance to save the struggling cryptocurrency exchange.

Do not Lose these Early Moving Opportunities

For the majority of cryptocurrency investors, this week has been stressful. Everything from Binance vs. FTX to the US midterm elections to CPI data has caused the price of cryptocurrencies to swing like a pendulum. Nevertheless, with improved social and on-chain trade analytics, individuals who were able to predict these market sways and shorted Bitcoin made a ton of money.

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