On Tuesday, cryptocurrency prices held even after the U.S. Consumer Price Index (CPI) reported that the rate of inflation was flat in October. The index rose 3.2% in the 12 months through October, which was lower than the 3.3% increase economists expected. Month-to-month, the index was unchanged after a 0.4% jump in September. This news was said to be “good news for risk assets in general” by Kaiko’s research analyst Dessislava Aubert. Bitcoin and Ethereum traded at $36,600 and $2,000 respectively, according to CoinGecko. The Federal Reserve has raised interest rates to curb inflation, which hit a 40-year high of 9.1% last June. The U.S. central bank held interest rates steady this month due to “resilience” in the labor market and economy. In Argentina, inflation hit 143% in October. #Cryptocurrency #Inflation #Economy #Bitcoin #Ethereum
You can read more about this topic here: Decrypt: Ethereum and Bitcoin Hold Steady As US Inflation Cools to 3.2%
