In the wake of the unexpected release of US inflation data just a few days ago, cryptocurrencies are trying to make up for the losses that they’ve suffered in the last few days as a result of the FTX bankruptcy, mainly because the data were based on various currencies against that of the US dollar.
The cryptocurrency that benefited the most from the study was Ethereum which has risen by around 77%. It is currently approximately $1,290. However, it’s lower by 16.5 percent daily.
But Bitcoin was unable to reverse this downward trend. However, it did drop 1.3 percent to reach the $17,438 point.
immediate: JPMorgan .. Bitcoin crashes to 13,000 is very close
The market is now following inflation data
Polygon is currently increasing by 12%and is now at levels of 1.068 level. It has then been up by 14.5 percent over the past week.
The company, however, Tether did not compensate for its losses and disclosed the loss as 0.2 percent. However, this was decreased to $0.99.
Binance Coin is currently trading at $302, up 1.3, but it’s down 8.5 percent over the past week.
But, USD Coin maintained its regular daily and weekly performance, registering an increase of 0.4 percent over the usual period, while the rise was 0.17 percent for the week.
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Inflation Data – Consumer Price Index
The index for consumer prices was up 7.7 percent annually. But, experts predicted that the index would rise by 8.0 percent. However, it was estimated to be 8.2 percent in the previous reading.
The index of the most widely used consumer price rose by 0.4 percent monthly, and analysts predicted it would increase by 0.6 percent.
CPI Core, with no energy or food
The index of primary consumer price has increased annually to 6.3 percent, and the consensus was for it to rise to 6.5 percent. However, it was notable that it increased by 6.6 percent from the previous reading.
In a month-to-month comparison, the consumer price index was up just 0.3 percent, while analysts estimated it would increase to 0.5 percent.
Bitcoin is estimated to be around 13,000.
After the storm of destruction that has hit the cryptocurrency market in the past few days because of the FTX bankruptcy, JPMorgan (NYSE: JPM) anticipates Bitcoin to fall further and could soon be at $13,000 since more investors will need to pay for their losses, afflicted by recent losses.
Analysts from the strategic department at JPMorgan believe that the crypto market might be forced to go through months of selling assets due to the repercussions of the turmoil surrounding the digital currency FTX. The timeframe could lead to the price of Bitcoin plummeting to $13,000.
Analysts have cited the cost of bitcoin to calculate its declining value and the power needed to power the machines which run bitcoin’s blockchain.
“Currently, this production cost is $15,000, but the low $13,000 we saw during the summer months will likely be revisited,” they announced.
Bankruptcy cases
The most well-known crypto trading site Binance has withdrawn itself from the bailout plan of its main competitor FTX of billionaire Sam Pinkman Fried.
“We hoped to be able to support FTX clients to provide liquidity, but the issues are beyond our control or our ability to help,” Binance was founded around 2000 by Zhang Bing Zhao in a statement.
It was evident in the shortest amount of time that securing FTX was a difficult job for Binance because the management of the company was staring into the dark financial landscape (a distance between the liability and asset in FTX could be at most 1 billion, or more than the sum of $6 billion) According to Bloomberg. Sources claim Binance has a problem, as reported in “Al Arabiya.net.”
In addition, US regulators seek to find out whether FTX can handle client funds and its connections to other elements of Bankmanfried’s crypto empire, such as his trading company Alameda Research, Bloomberg News published on Wednesday.
Zhao himself has admitted that there is no “master plan” to acquire FTX, leaving its prospects for the now-defunct exchange and its clients in doubt. This has raised concern about the possibility of spreading the contagion to the entire crypto industry.
Digital assets are experiencing a dip as Bitcoin could be below $16,000 after an announcement made by Binance. The Binance announcement.
