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

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.

Crypto stocks and structured products U.S. stock futures jumped on the news, with the S&amp;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.

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