bitcoin (BTC/USDStocks rose more than 5% on Tuesday morning after better-than-expected consumer price index (CPI) data.
Data released by the US Labor Department showed that November’s CPI increased just 0.1% from October’s reading. The inflation gauge, however, showed a year-on-year reading of 7.1% last month against expectations of 7.3%.
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The core CPI, which excludes the more volatile numbers from food and energy prices, came in at 0.3% in November, compared with a forecast of 0.2% month-on-month. Core CPI rose 6% YoY as compared to the estimated 6.1%.
In fact, as Charlie Bilello, founder and CEO of Compound Capital Advisors, puts it, notedAll the major components of CPI remained lower in the previous month as compared to October.
Bitcoin price near $18,000
At the time of writing, the price of the benchmark cryptocurrency is around $17,935 on major exchanges, according to data from major market aggregator CoinGecko. Although the cryptocurrency was trading up +5.5% from its intraday high of $17,942 and the gains were visible across the crypto market at large.
The total crypto market cap rose by over 4% to over $914 billion, while Ethereum and Dogecoin prices were up over 7% and 6%, respectively. Ether was trading near $1,340 while DOGE was hovering at $0.094.
US stocks also up
before the market opens on Tuesday shares were also doing high business. US futures were jumping higher after the CPI data. Dow Jones Industrial Average futures were up 780 points, or 2.3%.
Better-than-expected inflation readings also saw S&P 500 and Nasdaq 100 futures up 2.9% and nearly 4%, respectively, at about 09:20 a.m. ET.
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