June 5, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Why is the crypto market up today? By Cointelegraph

1 min read

Why is the crypto market up today?

(BTC) has jumped up 5% on Nov. 10, and confidence is returning over the global macro outlook and the news that FTX began partially opening withdrawals for users.

Crypto and equities markets responded to (Consumer Price Index (CPI) data which showed inflation at 0.4% for the month and 7.7% from a year ago which was less than the expected 0.6% monthly and 7.9% increase. The news sent the Nasdaq up 6% and puts it on pace for the biggest one-day gain since 2020.

Nasdaq and Bitcoin 3 month chart. Source: TradingViewFed target rate probabilities chart. Source: CME Group (NASDAQ:) 5-day candle chart (Bitstamp) with Bollinger Bands. Source: TradingViewBitcoin historical volatility index (BVOL) 1-week candle chart. Source: TradingView correlation chart. Source: Barchart/Twitter

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