Crypto Prices Explode CPI Day as Inflation Falls, Traders Call Macro Bottom - Which Coins to Buy
Stocks and the Bitcoin price pumped to $18,000 on bullish CPI data below forecast, 7.1% year on year versus 7.3% expected.
Bitcoin is now up 5% in the past day, trading back above the June lows of $17,500 broken last month following the collapse of FTX exchange. Ethereum and many of the big caps are up 6-7% including Dogecoin, Solana, Polygon, Avalanche, and XRP.
That's the sentiment shared by some top traders.
The crypto markets had steadily began rallying in the past 24 hours as news began to break of Sam Bankman-Fried's arrest in the Bahamas, restoring some faith in cryptocurrency. That was fuelled further by shorts closing in anticipation of a bullish CPI print, or at least high crypto price volatility.
DonAlt, one of the mostly widely followed crypto Twitter accounts with 446k followers, doubled down on his Bitcoin price prediction from mid-November.
Shortly after the FTX collapse he speculated the bottom could be in for BTC and posted a Bitcoin price target of $100k.
He also entered Litecoin last month to catch the meat of its recent move - LTC has outperformed the rest of the crypto market, especially tokens tied to Alameda.
Bitcoin Magazine PRO posted on-chain data that matches up with DonAlt's technical analysis and suggested a 'potential bottom' is in for crypto prices, but that 'macro headwinds remain'.
Crypto price analytics and signals platform Dash 2 Trade produced a round up of the most trending cryptocurrency assets this week, alongside all eyes being on Bitcoin.
Those included Axie Infinity (AXS), Stacks (STX), Synthetix (SNX), The Graph (GRT) and other altcoins with a bullish market structure this week.
If crypto prices are set to explode higher alongside Bitcoin - which some traders predict could now make a
Read more on cryptonews.com
