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HomeCrypto NewsMarketBTC, XRP, and SHIB Rally as US CPI Data Comes in Lower than Expected

BTC, XRP, and SHIB Rally as US CPI Data Comes in Lower than Expected

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The latest CPI report suggests that cost gains eased to 7.1% YoY in November, lower than the expected 7.30% rate.

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Data from the United States Bureau of Labor Statistics suggests that consumer prices barely increased in November, as disclosed in the recent Consumer Price Index (CPI) report, which shows a 7.1% increase in the cost of consumer goods Year-on-Year in November. The report has coincided with an uptick in price movements within the stock and crypto markets.

The latest CPI report, which estimated a 7.1% increase in consumer prices, was disclosed today. Investors have received the data well, as the increase is the lowest recorded since December 2021 and lower than the expected estimate of 7.3%. CPI data has continued to reduce since reaching a 40-year peak of 9.1% in June. The previous rate was 7.7%.

Stocks and digital assets have found new strength as the Federal Reserve is expected to respond favorably tomorrow.

The markets expect the Fed’s announcement on its interest rate hike in the upcoming FOMC meeting tomorrow. Market watchers are expecting an increase at 50 basis points.

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Top analyst Van de Poppe says, “This is a good set-up for the FED tomorrow.”

 

Bitcoin (BTC)

The firstborn crypto Bitcoin (BTC), has been one of the highest gainers in the past 24 hours and seven days. BTC has surged by 4.93% in a few hours, changing hands at $17,871 as of press time. The current BTC price is the highest value the asset attained in December. The last time BTC saw the $17.8K territory was November 10.

Crypto rover says if BTC holds $18.7K, it can go up to $25K.

 

Most indicators also bode well for the asset, as the Coinbase Premium Index metric witnesses an increase to favorable grounds. With the last value of 0.01, the BTC Coinbase Premium Index shows increased buying pressure on U.S. Institutional investors. Additionally, the futures market has witnessed a dominance of short liquidations in the past 24 hours, with $27.6M in short positions liquidated.

Ethereum

Ethereum is also showing a lot of strength, @scottmelker comments:

XRP (XRP)

XRP, Ripple’s native token, has seized the opportunity to grab the $0.39 territory, with a surge of 4.81% in the past 24 hours. The asset currently trades at $0.3934 against the dollar, as the bulls support it on its journey to $0.40.

Earlier today, prominent crypto analyst Egrag Crypto noted that CPI data that meets expectations or below would contribute to relief rallies for digital assets, especially XRP. According to Egrag, the XRP consolidation could be nearing its end, as the asset currently positions itself at the apex of a symmetrical triangle. With an XRP breakout expected soon, Egrag‘s probabilities remain bullish, with a 54% chance of an upward movement.

 

Shiba Inu (SHIB)

Meme coin Shiba Inu (SHIB) has not been left out in the recent market-wide rally. Despite flatlining in the past week, the asset has gained by 4.33% in the past 24 hours. SHIB summarily eclipsed the price point at $0.0000093 after trading below it for four days. The asset met a rejection at the zone but has kept steady so far, changing hands at $0.00000925 as of press time.

Shib Knight shares the following targets and support for Shiba Inu.

 

 

 

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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