AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
US inflation fell more than the initial forecast in October, presenting some evidence that the economy has moved away from peak inflation, while giving the Federal Reserve some leeway to consider toning down rate hikes in coming months. The S&P 500 climbed 5.5%, registering the best daily performance in more than two years. The rally rippled across the Asian markets, with Asian equity benchmarks hitting the biggest gains since March.
The sentiment shift also played some part in stabilizing the broader crypto market amid the ongoing turmoil surrounding SBF’s crypto empire. Bitcoin rises 4.15% in the last 24 hours, and is currently trading above the $17k handle after failing to clear the $18k hurdle. Meanwhile, the total amount of coins in transactions waiting in mempool saw an uptick, suggesting that a lot of coins are on the move from forced sellers and possibly retail panic.
In a similar vein, ETH is changing hands above the $1,200 mark after posting a 5.93% gain in the same period. Mid-to-large-cap altcoins have largely flipped green, with CHZ leading the pack on a staggering 24% rise in a similar time frame. SOL is weathering the damage from being featured prominently on Alameda’s balance sheet, but manages to rise by 12.39% in the past day.
Crypto lender BlockFi announced that the firm would pause withdrawals in contagion from the FTX crisis. The company said in a recent tweet that they are “not able to operate business as usual” given the “lack of clarity” on the status of Bankman-Fried’s crypto empire. The change happened two days after the founder and COO Flori Marquez reassured investors that “all BlockFi products are fully operational” and reiterated that the firm would remain an independent entity until at least July next year, in light of the agreement reached with FTX US over the summer, which offered BlockFi a $400 million revolving credit facility with the option to purchase the company. The digital asset lender has been hit hard by implosions in the crypto space this year, including taking an $80 million hit from the bad debt of Three Arrows, and is now facing further scrutiny from financial regulators.