Why Yesterday Was a Great Day for Bitcoin and Ethereum

Prices of the most popular cryptocurrencies hit their highest level since early November after US inflation data.

in 2022 December 14 11:54

Prices from Bitcoin They rose sharply yesterday, more than 5%, as markets reacted to news that US inflation slowed in November. They show the world’s best-known digital currency hitting $17,954.90 around 9:30 a.m. EST. Figures by CoinDesk.

It’s currently up about 5.7% after falling below $17,000 yesterday afternoon. and traded at its highest value since early November, reveal additional CoinDesk data. The Actions were also in green, as were the major indices, including the index S&P 500 and the Dow Jones Industrial Average is up for the day Google Finance.

Inflation cools down in November

The cryptocurrency hit its highest level more than a month after a US government report showed that the consumer price index for all urban consumers (CPI-U) increased by 0.1 percent in November. The figure was below the 0.4% increase in October and also below the 0.3% forecast by economists polled by Dow Jones. to inform CNBC.

In addition, the seasonally adjusted CPI rose by 7.1% in the 12 months to November. The number also fell short of the 7.3% increase forecast by economists in the aforementioned survey. CNBC.

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Inflationary pressures eased slightly last month, helping ease concerns about how much Federal Reserve officials will tighten monetary policy in an effort to rein in big price rises.

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Good news for Ethereum

Prices from ethereum Yesterday they rose to their highest level since early November. The world’s second most valuable digital currency by total market capitalization rose to nearly $1,350 this morning. CoinDesk. Currently, cryptocurrency it’s up more than 7% from a daily low of around $1,250.

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Ethereum prices rose to their highest level since early November yesterday.

Since experiencing this rally, ether has been able to hold on to most of its gains, holding above the $1,300 level that some analysts have identified as crucial. Since last month, the digital currency has traded south of this price level and fluctuated within a fairly narrow range.

Brett Sifling, Investment Advisor Gerber Kawasaki Asset and Investment Management noted this development earlier, stating that Ether “consolidated and bounced around the $1,085-$1,300 range.”

bitcoin, cryptocurrencies, ether, ethereum, cryptocurrencies

Tim Enneking, Director Gerente de Digital capital management, also participated in this price action. “Technically, ETH has been more volatile than BTC as the crypto community tries to calculate metrics to value ETH after the merger,” he noted. Even so, it was limited ($1,200-$1,300) for the month and between $1,050 and $1,300 since the FTX news broke, Enneking said.

Noting this, the analyst pointed to some key support levels. At this point, we can be sure that $1,000 and $1,200 will remain. If BTC can stay above $17.7,000, ETH will surely stay above $1,3000, he said.

*With information from Forbes USA.

Source: news.google.com

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