Sam Bankman-Fried denies stealing FTX funds in a blog post. Bitcoin topped $19K, up 8% in the past 24 hours. Ether trading up 6% at around $1,427. Equities closed up after the latest U.S. CPI report showed inflation slowed down, _jocelynyang_ reports.
Inflation Cools, but Hopes for Fed Pivot Might Be Too HotBitcoin and ether responded positively to the release of December inflation data, with prices fluctuating as the day progressed.
BTC’s hourly chart shows a sharp uptick in trading volume during the hour of the announcement. Most telling in that hour of trading is the momentary decline in prices, implying that some traders viewed the inflation data as an opportunity to take profits. ETH’s hourly chart shows almost identical price behavior, with a slight increase upon release of the report, followed by a price decline in the following hour.
Probabilities that the Federal Reserve will raise interest rates by 25 basis points in February rose to 96% from 77% a day prior. Verbally this could be categorized as a shift from highly likely … to really, highly likely. Traders are reducing their bets on a more aggressive hike of 50 basis points. But the federal funds futures curve implies that interest rates will increase to near 5% before pivoting lower in the second or third quarter of 2023. This remains largely unchanged – a sign that while the Fed might slow the pace of hikes, it will stay in hiking mode for quite a while.
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