The global crypto market price remain highly unpredictable.
Prices of Bitcoin, Ethereum, Dogecoin and Cardano remain bearish.
Experts issued a warning sign for crypto leader, Bitcoin.
released the Consumer Price Index (CPI) data.
According to the CPI report, annual inflation in the United States fell to 7.7% in October from 8% in September. As a result, the broader crypto market remain highly volatile.
At the time of writing, the global cryptocurrency market cap increase 1% in the last 24 hours to $0.911 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $125.68 billion.
The crypto market leader, Bitcoin price is currently trading at $17,272. This follows a 1.6% decrease in the last 12 hours. As a result, its market capitalization stands at $333.17 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,273, which decreased 1.7% in the last 12 hours.
Cryptocurrencies Price Action
The price of Cardano (ADA) has decreased by 2.59% in the last 12 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of ADA was trading at $0.36.
Also, the price of Dogecoin (DOGE) has dropped by 3.2% in the last 12 hours. DOGE is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.0873.
Polygon Matic (MATIC) continues to fade its traction among cryptocurrency traders and influencers. It decreased by 7.3% in the last 12 hours and is currently trading at $1.06.
What Turns Crypto Market Volatile?
On November 10, Consumer Price Index (CPI) figures were made public by the U.S. Bureau of Labor Statistics. As per the CPI report, annual inflation in the United States fell to 7.7% in October from 8% in September. Inflation in October was lower than the projected rate of 8%. The lower-than-expected inflation may have also aided the brief rise in cryptocurrency prices. However, after a short rally the crypto market again continue its bearish trend.
Major News Events Around the World
In the aftermath of FTX's unexpected collapse, US Senators Debbie Stabenow and John Boozman have reaffirmed their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA).
Blockfi, one of the leading cryptocurrency lending platforms, announced on November 10 that it was limiting activity on its platform and halting customer withdrawals due to FTX's liquidity crisis.
Genesis Trading, Digital Currency Group's market maker and lending arm, revealed that its derivatives business had roughly $175 million in funds locked up in an FTX trading account in what it calls an effort to be transparent.
COINGABBAR VIEWS: The investors book a great profit after the release of the CPI data which aid crypto market cap to rose 1%. However, after a brief rise the market back to its negative trend, and it appears to be continuing, as evidenced by the current influx.
Read also: BITCOIN PRICE ANALYSIS CMP-$17,200 Will the market recover as the bulls arrive?
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