Crypto market up 3.53% following SBF arrest and US CPI news – here’s the day’s biggest risers
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.”
What is your sentiment on BTC/USD?
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).
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
Related topics
