Crypto Market Update: Bitcoin Recovers Slightly After Inflation Reports
This article provides an overview of recent trends in cryptocurrency, focusing on Bitcoin and its recovery after a significant drop due to inflation news.
Crypto Market Update
Following a 4% decrease on Thursday during U.S. trading, Bitcoin has regained momentum, trading above $61,000 on Friday. This uptick comes after the release of the U.S. Consumer Price Index (CPI), which indicated unexpectedly high inflation for September, dampening hopes of an interest rate reduction by the Federal Reserve next month. The bounce leaves Bitcoin approximately 0.25% higher than 24 hours ago.
Moreover, the overall digital asset market has shown more significant gains of 1.65%, according to the CoinDesk 20 Index, with XRP and Dogecoin (DOGE) leading the charge, each registering increases of about 2.5% and 2%, respectively.
Political Odds and Market Impact
Recent predictions from Polymarket indicate that Donald Trump now has a 55.8% chance of winning the upcoming election, against Kamala Harris' 43.8%, marking the highest odds Trump has seen in over two months. Another platform, Kalshi, confirms his lead with Trump at 52% compared to Harris' 48%.
Regulatory News
In regulatory news, Bitnomial, a crypto exchange, has filed a lawsuit against the SEC, arguing that the agency is overreaching its authority in attempts to regulate an upcoming XRP futures contract in collaboration with the CFTC. The exchange asserts that the contracts should solely be under CFTC governance.
Chart of the Day
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This chart illustrates Bitcoin's performance several months following the U.S. presidential elections of 2012, 2016, and 2020, indicating an average gain of over 4000% in 400 days following these events.
