Against the backdrop of uncertainties, Bitcoin gained 4.07% in the past 24 hours to trade at US$17,389. BTC has declined 15.5% for the previous seven days, while Ether (ETH) has risen 7.7% to US$1,277.
Polygon led gains among the top 10 cryptos, rising 15.69% to US$1.08, and was the top 10 token least affected by recent market turmoil, dropping 4.36% over the previous seven days. Solana lost 46.4% over the previous seven days as FTX International’s brokerage arm Alameda Research sold a lot of its SOL holdings to stop the run on FTX’s native token FTT.
The U.S. Consumer Price Index (CPI) data released on Thursday reported that October inflation rose to 7.7% from September, 0.4% higher than a year earlier, but fell short of the 7.9% that economists predicted and was the smallest monthly increase since January. Some investors see this slowing CPI rate as a sign that the U.S. Federal Reserve’s interest rate hikes are finally working.
In the stock market, Coinbase (COIN) shares gained 12%, trading at $51.90 yesterday. Jack Dorsey's Block (SQ) rose 18%, while Silvergate (SI) is up 5%. Michael Saylor's MicroStrategy (MSTR) rose 9%, despite the bitcoin price drop this week.