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Crypto market up 3.53% following SBF arrest and US CPI news – here’s the day’s biggest risers

By Darius McQuaid

Edited by Charlie Mellor

16:53, 13 December 2022

Representation of bitcoin
The total crypto market rose by more than 3.5% today – Photo: Getty Images

The global crypto market cap rose 3.53% over the past 24 hours, coming just hours after the US issued the consumer price index (CPI) news for November revealing a lower-than-expected rise in inflation.

At the time of writing, the global crypto market cap was $872.24bn – a 3.53% day-on-day increase – accoording to CoinMarketCap. The total crypto market volume was up by an even greater percentage rise, showing a 41.92% jump to $51.82bn for the same 24-hour period.

BTC to USD

Market boosted by latest CPI news

US CPI figures for November showed inflation rose by a smaller amount than expected, reported Reuters.

The level of inflation for November was 7.1% on an annual basis, compared with 7.7% in October. According to Reuters, the headline inflation increase for November was anticipated to have been 7.3%.

The cooling effect was welcomed by analsysts including Greg Bassuk, CEO of AXS Investments, New York, who said: “The CPI print should start [a] softening of recent alarm bells for Main Street and Wall Street.

“It’s a pleasant surprise, as investors have been feeling pinched between elevated prices and the Fed’s enduring battle to slow the economy.”

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Market rise follows Bankman-Fried being charged

The rise in the total crypto market cap also came after the founder and former CEO of FTX, Sam Bankman-Fried, was charged on 13 December by the US Securities and Exchange Commission (SEC) with allegedly defrauding investors out of $1.8bn (£1.4bn).

DOGE/USD

0.14 Price
-2.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

67,541.00 Price
-0.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.62 Price
+2.200% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

181.72 Price
-1.100% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

The Royal Bahamas Police Force arrested Bankman-Fried, also known as SBF, at the weekend. It comes a little over a month after SBF filed for bankruptcy on 11 November following the collapse of FTX.

Top risers in the crypto market

While bitcoin (BTC) was up by 4.56% day-on-day to $17,787.13 at the time of writing – according to CoinMarketCap – other cryptos also enjoyed an increase in value.

Toncoin (TON) was the biggest riser of the day, up by 10.62% compared with yesterday to $2.33. The next largest riser was OKB (OKB), up to $23.05 in price, which represented a 9.88% increase, followed by lido dao (LDO), up 8.55% to $1.10.

OKB to USD

In the fourth spot was avalanche (AVAX), which rose by 8.33% to $13.82, while near protocol (NEAR) was in fifth place, up to $1.71 having increased by 6.91% in the past 24 hours.

In contrast, neutrino usd (USDN) recorded the greatest fall – down by 12.78% to $0.7066, followed by apecoin (APE) down by 5.34% to $4.11 and trust wallet token (TWT), down to £2.25 – a fall of 3.93%.

Markets in this article

BTC/USD
Bitcoin / USD
67541.00 USD
-274.5 -0.410%
APE/USD
APE/USD
0.8813 USD
-0.007 -0.820%
AVAX/USD
Avalanche / USD
32.5601 USD
0.0852 +0.260%
TWT/USD
TWT/USD
1.07834 USD
-0.02381 -2.230%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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