Crypto rally triggered despite FTX’s liquidation and US CPI hike
The global crypto market cap is rising despite the US Consumer Price Index (CPI) coming higher than expected and FTX’s liquidation approval. According to a report by CNN, data from the US Bureau of Labor Statistics shows the CPI, used to measure inflation in the country, registered a 0.6% hike in August 2023, up by 3.7% from a year earlier. The report notes that a 3.6% incline was expected, but the US Federal Reserve (FED) is unlikely to go for another aggressive rate hike. Another event expected to take the crypto market down was the approval of FTX’s liquidation . The US Delaware District Judge John Dorsey authorized the bankrupt exchange’s plan to liquidate roughly $3.4 billion in digital assets. You might also like: Hong Kong’s SFC cautions against unregulated crypto trading by JPEX However, to prevent a market-wide bloodbath, the sales limit is set to $100 million per week for FTX’s top crypto holdings. It’s important to note that DWF Labs and Justin Sun are report...