Bitcoin Suddenly Surges 6% in Minutes, Here's Why

Nov 12,2022
Bitcoin Suddenly Surges 6% in Minutes, Here's Why

priceBTC, the largest cryptocurrency, soared by more than 6% in a few minutes, and at 13:58 UTC had set a new intraday record of $17641 in the Bitcoin Exchange.

According to the report of the U.S. Bureau of Labor Statistics, the consumer price index (CPI) had increased by 7.7% in the year ended October, and since then it has soared. This is less than 7.9% that investment analysts may have, indicating that inflation is likely to have reached its peak.

Because the CPI data information is less than the estimate, futures trading related to key stock indexes rose significantly. Nasdaq 100 futures rose 4%.

Gold also rose by more than 1%, reaching US $1730 per troy.

On Wednesday, after Poloshenko's amazing mid-term election, the stock market fell sharply due to the variability of American politics. Regardless of the historical trend, the democratic parties succeeded in avoiding the "red tide", which was widely hyped, on the basis of preventing all huge losses. President Joe Ban Ki moon has already won one of the best mid-term elections in history, but the control power of the Congress is still stable at this stage, because the crucial election of the Senate and the House of Representatives is still counting the votes.

Because of the impact of FTX, the cryptocurrency sales market is also gradually selling. After Binance refused to purchase a desperate trading platform, BTC fell below the 16000 dollar mark. The very serious cryptocurrency dilemma seems to involve the stock market, and the key index value continues to fall.

Although the sales market is currently in a rebound mode due to the inflation data, the Federal Reserve (Fed) is unlikely to change direction due to the recent CPI data, because the inflation rate is still far from reaching the 2% target.