Selling pressure on the crypto market caused by the FTX drama appears to be easing after the new US Consumer Price Index (CPI) inflation report revealed better results than previously expected. As a result, the crypto crash has stopped for a while and the Bitcoin price has risen by more than a thousand dollars.
Immediately after the release of the inflation data, which recorded a 7.7% rise in consumer prices in October, Bitcoin’s price rose by a whopping $1,200.
The new inflation data shows a fall below 8 percent for the first time in seven months. In September, the report showed a price increase of 8.2 percent. For October, most analysts expected a price increase of 8 percent, but at 7.7% this is 0.3 percent lower than expected.