Bitcoin jumps; U.S. indicator shows inflation easing

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Bit­coin and Ether prices jumped in Fri­day morn­ing trad­ing in Asia after the Decem­ber U.S. Con­sumer Price Index (CPI) released overnight rose 6.5% year-on-year, which was in line with expec­ta­tions and low­er than infla­tion read­ings in pre­vi­ous months. All oth­er top 10 non-sta­ble­coin cryp­tocur­ren­cies rose.

See relat­ed arti­cle: How DeFi can over­come the stench of shit­coins and ponzinomics

Fast facts

  • Bit­coin surged 5.23% to US$18,868 in the 24 hours to 8 a.m. in Hong Kong, a 12% gain over the past cal­en­dar week and the high­est since Nov. 9.
  • Ether rose 3.84% to US$1,418 to post a gain of 13.5% for the week, accord­ing to Coin­Mar­ket­Cap data.
  • Among the top 10 cryp­to by mar­ket cap­i­tal­iza­tion, Car­dano added 2.67% to US$0.33, bring­ing its gain for the week to 22.6%. Doge­coin rose 3.11% to US$0.08, up 12.2% on the week.
  • The total cryp­to mar­ket cap­i­tal­iza­tion increased 4.78% to US$906.87 bil­lion, while trad­ing vol­ume surged 91.6% to US$66.17 billion.
  • December’s CPI read­ing fell from the 7.1% record­ed in Novem­ber for the largest month­ly decline in the infla­tion indi­ca­tor since April 2020, which raised expec­ta­tions the Fed­er­al Reserve may now ease back a pol­i­cy of rais­ing inter­est rates. 
  • “The data con­firms that infla­tion is final­ly being tamed, which means there’s a high­er chance that the Fed­er­al Reserve will pur­sue less aggres­sive inter­est rate hikes in the world’s largest econ­o­my,” Nigel Green, chief exec­u­tive of invest­ment advi­sor deVere Group, said in an email to Forkast
  • Last month, the Fed­er­al Reserve raised inter­est rates by 50-basis points to between 4.25% and 4.5%, the high­est in 15 years. It had raised rates by 75 basis-points for the pri­or four con­sec­u­tive meet­ings to curb infla­tion. Fed Chair Jerome Pow­ell has warned of more rate increas­es in 2023, with the next Fed­er­al Reserve meet­ing to be held from Jan. 31 to Feb. 1.
  • U.S. equi­ties fin­ished high­er on Thurs­day. The Dow Jones Indus­tri­al Aver­age added 0.64%, the S&P 500 Index rose 0.34% and the Nas­daq Com­pos­ite Index gained 0.64%.

See relat­ed arti­cle: NFT Decem­ber sales surge to high­est since June amid ‘tax-loss harvesting’

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