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14,Oct News: Despite higher inflation Rates, Crypto Market Recovers

Following the release of the most recent United States CPI data, the market reflected a buying sentiment. The United States' inflation rate was higher than projected. 

14-Oct-2022 By: Rohit Tripathi
14,Oct News: Despite

On Friday (Oct 14), the crypto market continued its broader recovery,

 with crypto prices including Bitcoin and Ethereum surging over 4%. 

The crypto market recovers in correlation with the US stock market, with the S&P 500, Dow Jones, and Nasdaq all climbing more than 2.50%.

At the time of writing, the global cryptocurrency market cap increased by 0.3% in the last 24 hours to $0.980 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $83.96 billion.

Bitcoin's price has risen over 1.2% in the last 12 hours after the release of the CPI. While Bitcoin continues to struggle to break over the $20k mark, the 24-hour low and high are $18,319 and $19,877, respectively. The price of Bitcoin is currently trading at $19,624.

Ethereum, the largest altcoin, gained over 2.9% to hit a high of $1,335. As per CoinGabbar statistics, the Ethereum price is currently trading at $1,328.

Top Cryptocurrencies Price Action

The price of Solana (SOL) has jumped by 2.6% in the last 12 hours. SOL is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $31.23.

The price movement of the Stratis (STRAX) also shows a positive trend. As per CoinGabbar statistics, STRAX increased by 7% in the last 12 hours and is currently trading at $0.5654. The weekly data shows a gain of 10% for this coin.

Ripple’s XRP (XRP) continues to gain traction among cryptocurrency traders and influencers. It increased by 4% in the last 12 hours and is currently trading at $0.499.

What Turns Crypto Market Green?

On Thursday, both the stock and cryptocurrency markets plummeted as the United States reported higher-than-expected September CPI. The crypto market had a market-wide resurgence when the US stock market recovered. Today, October 14, the recovery process has continued.

Today's crypto price follows a 2% comeback in the global stock market as CPI data comes in at 8.2%, down from 8.5% in July and 8.3% in August. The core CPI, on the other hand, has risen to a 40-year high.

Major Events Around the World

  • On October 14, Binance, the world's largest cryptocurrency exchange, made an exciting statement to promote the crypto mining sector. Binance Pool has announced the start of a $500 million miner financing program to aid Bitcoin mining and other mining infrastructure providers.

  • Tron founder Justin Sun recently revealed that he currently holds tens of millions of Huobi Tokens. Interestingly, he said that as an advisor to the Huobi crypto exchange, he is willing to boost the price of HT tokens.

  • Formula One has filed eight trademark applications with the United States Patent and Trademark Office, encompassing a wide range of cryptocurrency, non-fungible tokens (NFT), and metaverse products and services.

  • Premier League club Liverpool FC announced a partnership with metaverse behemoth Meta on Friday (Oct 14) to launch a variety of virtual apparel for Meta digital avatars. Liverpool FC supporters can get their hands on virtual items by visiting the Meta Avatars Store on Facebook, Messenger, and Instagram.

COINGABBAR VIEWS: While macroeconomic factors continue to influence Bitcoin and Ethereum prices, social dominance is still at lower levels. Bitcoin's price has also become less volatile than stock market prices. A rise in social dominance will eventually lead to a market rally.

Furthermore, bulls will remain weak until Bitcoin prices break above the crucial $20k level. It will be fascinating to watch if crypto prices can sustain this bounce in order to confirm an impending surge.

Read also: BITCOIN PRICE ANALYSIS CMP-$19,800: BITCOIN: Dump and Pump After CPI Release

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