The crypto market welcomed the United States (US) producer inflation report, seeing the mother of all cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) manage to climb on Tuesday.
As proof, BTC jumped 3.4% to the $16,811 price zone in the last 24 hours, but its price is still at its lowest level following the FTX collapse crisis that has rocked the crypto market.
ETH, which was also hit by a similar crisis with over 20% investment in the past seven days, is trading more stable again at around $1,260.
Thanks to the US producer inflation data, it gave investors enough room to breathe for a while.
October's US producer price index (PPI) proved that inflation in the US is likely to be under control and this bolstered investors' expectations to see slower tightening from the Federal Reserve (Fed).
Citing the statement of the Chief Executive Officer (CEO) of Quantum Economics, Mati Greenspan, he saw the change in the inflation data as positive for digital assets.
Many may not know, but crypto is generally considered a risky asset and US inflation that is at a 40-year high and the Fed's aggressive interest rate hikes are also influencing the market to move lower this year.
