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On Thursday, cryptocurrency and stocks increased after the CPI report for October suggested that U.S. inflation may finally be beginning to decline.
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According to the Bureau of Labor Statistics' most recent report, the consumer price index increased 7.7% over the previous 12 months.
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Even while it is significantly above than the Federal Reserve's 2% inflation objective, the rate is still down from September's 8.2%.
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Following the publication of the report, the cost of Bitcoin rose from $16,500 to $17,500, an approximate 6% increase.
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By market capitalization, Ethereum, the second-largest cryptocurrency asset, experienced a greater increase.
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It climbed from about $1,200 to $1,273 in a matter of seconds and is currently trading for $1,330. That represents an increase for ETH of 13% over the past day.
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The bullish print provides the markets with some much-needed relief after they were battered in 2022 as a result of the Federal Reserve's historically rapid monetary tightening.
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The chairman of the central bank, Jerome Powell, has reaffirmed his intention to keep raising interest rates until US inflation, which has hit multiple 40-year highs this year, is under control.
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Although some have compared Bitcoin and other rare cryptocurrencies to inflation hedges, the market for digital assets has had a strong two-year correlation with stocks.
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Despite the fact that Bitcoin outperformed stocks and was relatively stable in Q3,
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