The global crypto market has registered a broad recovery with an increasing correlation with the traditional markets. A buy sentiment can be spotted in the market after the release of the latest US CPI data.
The US inflation rate came out to be higher than expected. As per reports, the September CPI stood out to be 8.2%. Meanwhile, it was higher than the expected rate of 8.1%. However, the previous CPI rate was recorded to be 8.3%.
The cumulative crypto market is up by 3.5% over the last 24 hours, after losing around $12 billion of its total capitalization the day before. This comes as Bitcoin is struggling to maintain its price above $19,000, whereas major altcoins tumble. BTC is down 0.6% in the past 24 hours but a much steeper 5.8% in the past seven days, highlighting the uncertain state of the entire market.