Bitcoin hurtles toward $18,000 as inflation comes in below expectations, crypto stocks soar

Quick Take

  • Bitcoin jumped to trade at $17,890 as ether rose over 6% to $1,327.
  • U.S. inflation for November came in below expectations at 7.1% year-on-year.

Bitcoin and crypto prices soared following lower-than-expected U.S. inflation data for November. Crypto stocks bounced in line with U.S. stock futures.

Bitcoin was hurtling toward $18,000 shortly after U.S. CPI data was released today. The price of the leading cryptocurrency by market cap jumped by over $700 following the release at 8:30 a.m. EST. Bitcoin was trading at $17,890 at 8:40 a.m. today. 

BTCUSD chart by TradingView

Ether rose 6% following the news, trading at about $1,327. Binance's BNB token was little changed on the information as withdrawal issues continue to hamper the token. Dogecoin and Ripple's XRP jumped over 4%, while Cardano's ADA tacked on 1.7%. 

Interest rate traders are now pricing in an 81% chance of a 50 basis point increase by the FOMC tomorrow, according to the CME's FedWatch tool. 


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Crypto stocks and structured products

 U.S. stock futures jumped on the news, with the S&P contract gaining 2%, while those of the Nasdaq 100 were up 2.7%.

Coinbase soared 6.92% to trade at $45.52 by 8:45 a.m. in pre-market trading. 

Jack Dorsey's Block rose 6.34% to trade above $70 for the first time since early November. MicroStrategy gained 5.17% to trade around $206.

Silvergate's gains were more modest, adding 1.2% to trade at $21.50.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


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