Total crypto market cap makes 4 week high to $874B following CPI release
The total crypto market cap recorded inflows of $27.2 billion in the last 24 hours to post a four-week high of $871.4 billion. This suggests investors’ confidence is returning following the FTX scandal and wider, ongoing macro factors.
Since bottoming, signs of returning confidence have presented with a slow trickle upwards. This sentiment was boosted on Dec. 13 following better-than-expected U.S. Consumer Price Index (CPI) data, showing a 7.1% year-on-year increase. Economists’ expectations were for a 7.3% increase. Market leader Bitcoin saw a spike to just below $18,000, and capital inflows jumped at 13:30 (UTC,) the time of the CPI announcement.
Source
@TradeCryptoNow
